NU Online News Service, June 25, 11:55 p.m. EDT
Having insurance for product recall is invaluable, but it does not serve as a substitute for implementing good procedures to deal with a recall, a consultant with insurance broker Marsh said.
The comments came during a panel discussion webcast titled, "Evaluating Critical Manufacturing Risk Issues Through the Lens of Enterprise Risk Management," held June 24 and moderated by Sara Sirotzky, Midwest Manufacturing Practice leader.
Alan Schoem, senior vice president, Global Product Risk practice for Marsh said the purchase of recall insurance, while invaluable, is only a small part of a comprehensive quality control program that should aim at preventing recalls in the first place.
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