Claims in the Product Recall segment tend tobe substantial, as the dollar losses—especially in the food &beverage industry—are typically large and the repercussionsextreme, experts say.
“We're not looking necessarily at frequency,” says BernieSteves, managing director of Aon Risk Solutions' Crisis ManagementGroup. “We're looking at severity.”
Most large food & beverage companies are looking to insureagainst potential Product Recall or Product Contamination lossesthat could range from $5 million to $20 million on a single claim,he notes.
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