Manufacturers, distributors and wholesalers have experienced consistent growth driven by a strong International economy. In addition, retailers, both large and small, are starting to require that all manufacturers and/or distributors carry their own property and liability insurance in order to have their product on the retailers' shelves. One of the challenges, and also prominent characteristics of the International manufacturing industry is its relationship with North America. This leads to a requirement of coverage for North America product exposures and physical locations, such as International based sales and support offices.
In the current environment even the most conscientious organization can be caught out by a need to recall their products. The slightest error or misjudgment, a simple mistake or perhaps incorrect information from a third party and a company's reputation and finances could be in tatters. Product integrity and brand name protection by the efficient removal or rectification of defective products should be recognized by any manufacturer or supplier as a priority. Every responsible business will want to ensure that it has the most suitable insurance cover protecting it against foreseeable eventualities such as product recall.
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