|Lexington Insurance Company Expands Product Liability Insurance with Product Withdrawal / Recall Coverage Endorsement|
New York – January 11, 2011 – Lexington Insurance Company, a Chartis company, today announced that it has expanded its products liability insurance coverage to respond to the increasing risks associated with product recalls.
Through a relationship with the Crisis Management unit of WorldSource, a division of Chartis, Lexington insureds will now have the option to purchase protection against product withdrawal or recall expenses, including those from claims that allege loss of profit resulting from a covered product recall event.
“As the U.S. regulatory environment continues to evolve, greater emphasis will be placed on food and durable goods safety, which underscores our clients’ need for recall protection,” said Denise Balan, Division President of WorldSource’s Crisis Management unit.
Available by endorsement, this coverage enhancement provides Lexington’s insureds with reimbursement for covered expenses incurred as the result of a product withdrawal or recall. These expenses include:
Additionally, this innovative endorsement provides reimbursement for covered third party expenses, including defense costs incurred by third parties as the result of claims arising from the product recall.
“Lexington and WorldSource are pleased to provide a comprehensive solution for our clients who seek enhanced product withdrawal coverage,” said Bob Nevin, Assistant Vice President of Lexington Insurance Company.
For more information regarding Lexington’s Product Recall endorsement, please contact Bob Nevin of Lexington Insurance Company at (617) 772-4546 or firstname.lastname@example.org. You can also visit www.lexingtoninsurance.com.
Chartis is a world leading property-casualty and general insurance organization serving more than 45 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.