Toy and game product recalls have surged by over 300% globally since 2020. It’s no surprise that toy product safety is a priority for regulators in this space. Incidents in this category require a quick response to protect children, manage costs and minimise reputational damage.
The global toy market is rapidly expanding and was valued at approximately US$325 billion in 2023. As toys play a crucial role in child development, toy product safety is a priority for regulators in this space.
Liberty Specialty Markets (Liberty) PRplus Product Recall insurance covers product recalls for toys arising from defects, manufacturing errors, and malicious tampering. It also includes a sublimit for recalls related to product guarantee related events. The policy’s coverage extends to logistical costs, inspection costs, and the expensive replacement and repair of affected products.
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