Product Recall

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Product Recall

A request by a company for customers to return their products, often for a replacement or some other compensation. A product recall may be voluntary or mandated by a government. Recalls may occur if a product is found to be defective or dangerous.
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Automotive recalls have become some of the most expensive and large-scale of product recalls due to the use of many common components, AGCS said, noting that a single recall can affect a whole industry, bringing significant reputational and financial damage.
Automotive recalls have become some of the most expensive and large-scale of product recalls due to the use of many common components, said AGCS, noting that a single recall can affect a whole industry, bringing significant reputational and financial damage.
The Chartered Trading Standard Institute has issued product recalls on several children's clothing products after concerns around choking and entrapment.
Product recalls involve problems which could affect the safety of the consumer and are made by traders to ensure no harm is caused, according to theChartered Trading Standards Institute.
New York, NY, June 13, 2018 --(PR.com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, announced today that it has scheduled a live webcast entitled: Effective Strategies and Best Practices in Managing Product Recalls. This two-hour event is scheduled on Thursday, June 14, 2018 from 3:00 pm to 4:00 pm (ET)
Recent high-profile product recalls have focused an uncomfortable spotlight on failures of product safety and contamination prevention processes, highlighting the need for comprehensive risk management and insurance to manage the onerous reputational, financial and legal repercussions of a large-scale product recall.
"More companies are being ordered to carry out product recalls every year.
The report also says that despite product recalls, three in 10 people are continuing to use items they know are dangerous.
These three product recalls alone cost an estimated $34 billion according to a new study from Allianz Global Corporate & Specialty (AGCS), the Allianz carrier that focuses on corporate and specialty business.
ANALYSIS BY Allianz Global Corporate & Specialty (AGCS), the Allianz carrier that focuses on corporate and specialty business, has found that defective product-related risk is the single largest driver of liability claims, with losses from product recalls being the greatest contributor to the cost.
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