One especially damaging and increasingly frequent type of disruption occurs when tainted products are discovered and need to be removed from circulation--this process is formally known as a product recall
(1) (Roth, Tsay, Pullman & Gray, 2008).
Given the increasing frequency, size and cost of recalls, many companies that operate in these industries may find themselves turning to their product recall
insurance policies for coverage.
Five years ago, I wrote an article about product recall
insurance for the dietary supplement industry, analyzing what it did and did not cover, and under what circumstances.
As with many developing niche insurance markets, the product recall
market currently faces a potential crisis of confidence.
Called Celebrity Product Recall
Response, the product helps companies to address risks associated with a celebrity's death or damage to reputation.
Brand reputation takes years to build, but as little as one product recall
XL Group has strengthened its insurance operations in Asia with the transfer of Ben Sharp, Product Recall
crisis expert red24assist, a - subsidiary of the red24 group, has launched a new comprehensive Gap Analysis Tool (GAT) to help improve the standards of food safety on a global scale.
Taking cue from such incidents, in a meeting held last week, the FSSAI has passed the product recall
procedure and will soon forward it to the Law Ministry for further action.
A product recall
is the worst-case scenario, but one that needs to be prepared for - otherwise a brand's reputation can remain damaged long after customers recover.
Salt Lake City - ASPEN LOGISTICS introduced a new product recall
tracking tool that addresses the potential threat to customers of a slow or non-compliant product recall
This action is a follow-up to a product recall
that McNeil Consumer Healthcare originally announced on January 15, 2010, which was initiated following consumer complaints of a musty or moldy odor, which has been linked to the presence of trace amounts of a chemical called 2,4,6-tribromoanisole (TBA).