Funding and Support

Product Recall Insurance

The product safety landscape is constantly changing: Faber Recall has the vision to step back and review the ‘big picture’ – where the automotive components sector has been, where it is now and where the forces of technology, law, economy, politics and society will refocus its insurance needs in the future.

Faber Recall has worked with specialist carriers and brokers over many years to develop Product Recall solutions for automotive component parts manufacturers. Such policies are driven by our understanding of the specific needs of our clients and are designed to respond to established exposure and, wherever possible, to identify and anticipate the unforeseen.

In a single year thousands (and the trend is increasing) of safety recalls are announced and instigated by companies and regulatory agencies across the world. Over many years, the Faber Recall team and dedicated Claims division have successfully negotiated numerous claims across a range of type and magnitude.

Our specialist team provides access to the Product Recall markets for SMMT members; however, capacity and risk appetite is very much dependent on a combination of variables. For example- the claims history of the SMMT member, the exact nature of the products to be insured and the territories to which the SMMT members’ products are sent.

The following four categories of cover should be seen as the cornerstones of the Faber Recall offering:

  • Product Liability
  • Product Guarantee
  • Financial Loss
  • Product Recall

Product Guarantee, Financial Loss and Product Recall are often bought together along with Product Liability. The SMMT wording offered by Faber Recall includes all four sections under one Policy wording. It is important to point out that if Product Liability is not needed, it can be excluded from coverage. Faber Recall can also offer Public Liability under the Policy, by extension.

Faber Recall can provide access to the latest in-house and expert advice and stand ready to assist SMMT members in the mitigation of their recall risk.

Please contact one of the team or visit the Willis website for more information on the Faber Recall team (Faber Recall is a trading name of Willis Limited). Please quote the following code: SMMT-ProductRecall and your membership number.

URL: www.willis.com

Faber Recall- Direct Contact Details:

Jamie Webb: +44 (0)20 7558 9379 or email jamie.webb@faberglobal.com

Charlie Jarman: +44 (0)20 7558 9340 or email charlie.jarman@faberglobal.com

Faber Global and Faber Recall are trading divisions of Willis Limited. Willis Limited is registered in England and Wales. Registration number 181116. Willis Limited is authorised and regulated by the Financial Conduct Authority.