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In response to the growing financial impact and frequency of product recalls for food and beverage manufacturers, distributors, and importers in the United States and Europe, American International Group (“AIG”) has launched NOVI, a Web-based service to help companies estimate the cost of recall incidents. In addition, AIG has expanded its available accidental contamination coverage limits to $35 million.

On average, 30 class I and II product recalls occur every week in the food and beverage industry in the United States, and another 22 equivalent recalls are reported in Europe, according to an AIG analysis of data from the U.S. Department of Agriculture and the European Union Rapid Alert System for Food and Feed.

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