Biba reveals product recall offering with CFC

The British Insurance Brokers' Association (Biba) have revealed a product recall scheme through Biba member CFC Underwriting. The scheme is applicable for businesses in a wide range of industries and offers two policies for specific sectors. There is one for manufacturers and distributors of non-food consumer products and automotive parts and a second for food, drink and personal hygiene manufacturers. Benefits for members are an increased provision for pre-incident consultancy work of 3.5% of gross premium; the standard offering is 2.5%. The scheme is designed to assist with crisis management and business continuity. The product also provides marketing and training support, and CFC will offer sub-limits for ‘retailers' expenses' extension to Biba members' clients to cover fines and penalties. Mike Hallam, Biba's head of technical services said, "A product recall can be a worrying prospect for any business, with the potential for not just financial loss, but significant damage to their brand and reputation. We are pleased to offer this product to members with enhanced benefits and the support that they need to sell this complex product."