Brownyard Group®, a program administrator providing specialized insurance coverage for select industries, today announces it is taking steps to further support businesses within the cosmetics industry against the financial threats posed by product recalls. To that end, Brownyard Group is introducing a new optional coverage endorsement to the General Liability (GL) policy for its cosmetics program, FOUNDATION. The new endorsement will include product recall coverage. Brownyard will offer this endorsement through Hudson Insurance Group (Hudson), whose companies are rated A+ (Superior) by AM Best.
The product recall coverage endorsement is an additional coverage that reimburses cosmetics manufacturers, distributors and importers for expenses incurred when a covered product is withdrawn or recalled. Such expenses can include costs of notification, costs of proper disposal, costs of overtime pay and more. All businesses with a GL policy with FOUNDATION that meet the qualifications are eligible for this endorsement.
To qualify for this additional coverage, the cosmetics business must have no previous recalls, and Brownyard must confirm the organization has a formal recall plan in place with the ability to track products.
“We are thrilled to add an additional layer of protection to the cosmetics industry with this new product recall coverage endorsement,” said Sean Brownyard, senior vice president of the Brownyard Group. “From financial loss to reputational damage, product recalls present a significant risk to the cosmetics industry. With this additional coverage, Brownyard Group aims to offer a solution that will help minimize the potentially damaging impact of product recalls on our insureds.”
FOUNDATION® is available in all states. In addition to providing General Liability coverage and the new product recall endorsement, FOUNDATION offers:
- Products Liability coverage
- Hired/Non-Owned Auto coverage
- Commercial Property coverage
- Inland Marine coverage
For more information regarding the new product recall coverage endorsement and FOUNDATION, please visit https://brownyard.com/insurance-programs/cosmetics-insurance/
About Brownyard Group
Brownyard Group (https://brownyard.com/) is a program administrator that has developed and provided specialized insurance programs for select industries for over 70 years. These industries include security guards, pest control operators, cosmetics manufacturers, alarm systems, private investigators, security consultants, landscape professionals, cemeteries, libraries and the beauty industry. In 1993, Brownyard established Brownyard Claims Management, a loss prevention and full-service insurance claims facility. The company is based in Bay Shore, N.Y.