Product Recall Insurance for Automotive Industry

Many automotive and supplier manufacturers are experts in maintaining their inventory of materials suppliers, but their corresponding resilience can be difficult to analyse and quantify.

Interconnected component parts, sourced from numerous suppliers and territories, coupled with greater complexity of supply chain clearly make the product risk a huge challenge.

Increasing vehicle complexity and technology will undoubtedly lead to greater regulatory attention and government legislation. As industry change gathers pace, it is clear that this will have a dramatic effect on the risk exposures faced by organisations within the sector.

Whether a vehicle parts manufacturer, or indeed, a software supplier, this development will lead to changing exposure profiles in the following areas: product liability, cyber and technology risks, product recall and guarantee.

WHAT WE DO

Product recall technology risk insurance

As automotive technology comes to the fore, it is imperative that the insurance market can respond with solutions that are equally integrated and market leading.

We offer specialist technical resources in all the above areas of your product related exposures, including recall and cyber.

Product recall technology risk insurance

Most importantly, we offer a bespoke approach, dovetailing covers to produce more ‘joined up’ solutions, reflecting the increasingly integrated requirements of this sector.

In addition, to removing duplication, this approach also helps avoid costly gaps in coverage created by the changing exposure profiles.

WHY JLT

Product recall technology risk insurance

We are innovators. We are leading the market in driving insurers to provide future proof solutions to your rapidly changing risk landscape. Below are examples of some of those areas:

Our unique approach provides our clients with greater visibility and resiliency of their supply chain. This means that we are able to secure improved limits and cover beyond tier 1, down through the entire supply chain.

Our partnership with Resilinc, a market leading supply chain resiliency specialist, gives us access to unique and differentiated data, coupled with quantitative information, which will be of significant value to both clients and insurers.

Product recall technology risk insurance

We are driving the insurance market to deliver a seamless solution in respect of product recall, cyber and tech to address the increased and changing risk exposures brought about by new technology. This will provide broader cover, dovetailed to reduce ‘grey’ areas and avoid duplication and gaps.

The product liability risk landscape is shifting from human to product error as a result of the rapid development of automation and driverless technology. The greater visibility of supply chain provides an improved understanding of contractual indemnities throughout the chain, thus enabling a clearer view of liabilities retained or transferred under contract.

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