NEW YORK (Aug. 28)—In the media frenzy surrounding the Bridgestone/Firestone Inc. tire recall, one insurer is reminding tire makers that policies are available to cover recall situations. American International Group Inc. has offered RecallResponse—a policy that provides coverage for both the primary expenses of a product recall and compensatory damages in product liability cases—for the past two years, according to Vince Deconti, AIG product recall underwriting manager. The price of the policy is based on the size of the company, the deductible the company chooses and AIG´s assessment of the potential hazard involved with the product, Deconti said.
Insurance available for product recalls, insurer says
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