Client Profile
Industry: Professional Services
Specialty: Service & Safety Equipment - Aircraft Operators
Location: California
Claim Information
Description: An Insured in the manufacturing industry experienced an error due to employee oversight, where a piece of essential equipment was omitted from a shipped order and unable to be located. With the possibility that the missing item was accidentally placed in another order and potentially affecting product safety, the Insured recalled those items to verify their safety. Through their Captive's Actual Net Loss Insurance Policy "Product Recall Expense" coverage, the Insured was able to recover the associated expenses with shipping and recovering those orders.
Line of Coverage: Intellectual Property
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $25,000.