Recall insurance could be your umbrella on a rainy day
As many electrical contractors are aware, our industry has experienced a number of alarming product recalls of late. These include the recent Avanco brand DC isolators and the Infinity brand cable recalls.
While the electrical contracting industry takes every precaution to guard against the possibility of faulty electrical products that do not meet Australian standards, this process is unfortunately not foolproof, as with the above situations.
Master Electricians Australia (MEA) has been contacted by a number of electrical contractors who have unfortunately and unknowingly installed these faulty products and now face the possibility of having to absorb the cost of the added work and time required to replace them.
MEA is aware of electrical contractors who have installed hundreds of these products. This is why our organisation has worked with insurance brokers Comsure to develop a tailored business insurance package that can be specifically applied to recalls and is exclusively offered to Master Electricians members.
The MEA Liability Cover has been designed following consultation with our members and the MEA Executive team, so members can be assured their cover suits their business needs. When applied to recalled products, this means that an electrical contracting business with recall insurance would be able to replace all recalled electrical products at no additional cost to themselves or their business, and at the same time be compensated for their work and time.
For a small electrical contracting business, this could be a lifeline in the event of a major product safety recall. Comsure has also set up a new trades division especially for Master Electricians members to provide further advice on insurance cover.
While incidents such as these are often out of our control, having the right insurance can be your umbrella on a rainy day and ensure your business isn’t caught short, both legally and financially.
If you are a contractor who is required to replace Avanco DC isolators, MEA recommends you contact the receivers urgently and register as a creditor. The MEA Liability Cover with Comsure Insurance Brokers is exclusively offered to Master Electricians members.
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