Recall Insurance - Your Umbrella On A Rainy Day

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2 July 2014

Electrical Recall Insurance

Master Electricians Australia (MEA) is pleased to introduce the new MEA Recall Insurance exclusively offered to Master Electricians members.

Recently, our industry has encountered a number of alarming safety recalls for electrical products that pose serious safety risks to electrical contractors and the public.

Incidents such as this show that having the right insurance can be invaluable and ensure your business isn’t caught short, both legally and financially.

MEA has worked with insurance brokers Comsure to develop a tailored business insurance package to suit electrical contracting businesses and their needs.

The MEA Recall Insurance has been designed following consultation with members and the MEA Executive Team, so members can be assured of a level of cover suitable to their business.

The cover is designed to be reactive to the moving trends in the changing marketplace that business owners face daily.

Comsure has successfully negotiated exclusive rates with insurers that will see many Master Electricians members able to take on liability cover at a reduced rate.

This differs from standard ‘trades insurance’ providers and brokers who have not developed insurance offerings tailored to suit electrical contracting businesses and their needs.

Examples of exclusive cover features through Comsure for product recalls includes:

  • QBE – Limited to 75 per cent of recall expenses in excess of the first $2,000 of each and every claim, up to a maximum of $50,000 during any one period of insurance
  • CGU - $10,000 for any one installation contract and $100,000 in the aggregate for any one period of insurance.

These packages have been designed with recalls in mind, to make sure that contractors are not completely out of pocket in the instance of a recall. This means that an electrical contracting business with recall insurance would be able to replace recalled electrical products up to the level specified in their insurance package.

Comsure has already turned down a number of requests from non Master Electricians members requesting the Liability Cover, which is not matched by any other insurer currently in the market.

Comsure has also set up a new trades division especially for Master Electricians members to provide advice on insurance cover - the simplest or most complex of insurance answers are now just a phone call away.

Contact Master Electricians Australia for more information on 1300 889 198.