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Chartis Expands General Liability Policies with Limited Product Withdrawal Expense Coverage and Product Loss Control Services
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NEW YORK – August 11, 2010 – Chartis today announced the introduction of Limited Product Withdrawal Expense Coverage with complimentary loss control services, developed by its Commercial Casualty division to protect clients against the large expenses arising out of product liability exposures and claims.

Limited Product Withdrawal Expense Coverage is offered by endorsement as an enhancement to the Chartis insurers’ General Liability policies. Through this endorsement, insureds are reimbursed for expenses incurred as the result of a product withdrawal or recall, such as:

  • Transportation and storage costs;
  • Fees for temporary staff responsible for managing the product withdrawal process;
  • Overtime costs paid to the insured’s regular, “non-salaried” employees; and
  • Expenses incurred during the proper disposal of the product.

Chartis has also developed a Product Loss Control/Claims Defense Program (PLCDP) that can provide valuable assistance to clients in managing product liability exposures. Specifically, PLCDP can aid in:

  • Identifying potential sources of exposures to product liability claims;
  • Employing “best practice” management controls to evaluate an insured’s PLCDP; and
  • Maximizing management’s evaluation and implementation of key PLCDP elements to improve the risk assessment process.

“The likelihood of a mandated or voluntary product withdrawal or recall is on the rise due to regulations governing product safety. This can result in considerable costs to the insured,” said Christopher McKeon, President of Commercial Casualty’s Commercial Risk & Excess Workers’ Compensation divisions. “In order to manage the effects of a product withdrawal, a sound product liability program is essential for manufacturers, distributors, wholesalers and retailers who may not be able to manage otherwise.”

For more information on Limited Product Withdrawal Expense Coverage and PLCDP, please contact Clara Pincus, Vice President of the Commercial Risk division, at (412) 288-2194 or clara.pincus@chartisinsurance.com.

About Chartis

Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With 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.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

Contact:
Marie Ali
212-458-2536