Car companies are under greater inspection from governments, media and public as the number of worldwide automotive recalls has heighten in recent years and is capturing regulators’ attention. To off-set, their own risk the car companies will frequently pass the accountability for their recalls down the supply chain to the element manufacturer accountable for defect in automobile. This could result in a devastating financial impact for the provider if the right cover is not in order.
”Automotive Product Recall Insurance
OMNIRISKCoverage for North America
Strategy needs Strategy
Coverage
- Product recall expenses, such as disposal, advertising and transport
- Pre-recall amount
- Executive recalls
- Loss of gross profits/ revenue
- Product recovery
- Increased cost of operating after a recall
- Extortion demands related to hostile tampering
- Consultancy costs
- Business interruption
- Terrorism cover
Benefits and Services
- 24/7 pre-incident consultant
- Price competitiveness
- Basic, surplus loss and quota share participation
- Financial power to protect balance sheets
- Worldwide claims network
- Risk engineering services and schemes
- Committed industry expertise with an average of 20+ years of industry
