Crump Insurance Services announced a new offering for the manufacturing industry designed to cover financial losses from product recalls.

PRODUCTSplus includes not only protection for the general liability and recall expense components, including first party loss of income, but also provides access to crisis management services, according to the property-casualty division of the Crump Group.

Rather than reimbursing policyholders for crisis management expenses, a third-party consulting firm specializing in product recall corrective action management is available. PRODUCTSplus offers assistance with all components of the recall process, as well as real-time crisis support on customer needs and safeguarding a company’s reputation, according to the company.

David Fiske, senior vice president of Crump Insurance Services, said PRODUCTSplus is an “excellent example” of his company’s ability to work with carriers in developing products to meet the needs of an industry.

“Recent high-profile product recalls make it clear that these situations can be costly, and since most recall policies do not offer crisis management services directly, PRODUCTSplus offers a unique level of protection,” Fiske said in a statement. “Many manufacturers do not carry product recall coverage, and those that do are probably not adequately protected as product recall, loss of income and product recall management expenses are typically not covered in a general liability policy.”