The New Zealand manufacturing sector is experiencing strong growth, with exports of $49 billion last year, according to Statistics New Zealand. However, increased competition in the sector has required innovation and new product development and this has in turn given rise to its own challenges, such as heightened scope for product design defects and quality control issues. In the food segment, we continue to see regular product recalls, with about 40 food products being recalled in New Zealand so far this year. Additionally, embedded technology in equipment and machinery means that these products are now connected to the “internet of things”, adding cyber and technology risks.
Given these increased and evolving risks, we are delighted to announce the launch of our comprehensive coverage for the New Zealand manufacturing industry.
This coverage is offered in conjunction with General Liability and carries some unique coverage sections which are often not addressed under standard General Liability and Statutory Liability policies. Specifically, this liability cover addresses the risk of product recall, product defects and food contamination (unique to the manufacturing sector), as well as cover for financial loss (errors & omissions), slow and gradual pollution, crisis management and consequential loss. It can also be packaged with other covers such as Cyber liability.