Automotive manufacturers are themselves subject to strict regulation, which reflects in the complexity of their insurance.
A reliable insurance solution for the automotive industry must combine standard insurance products with specific custom insurance. Standard insurance products include natural hazard insurance, technical risk insurance (losses caused by technology), insurance for the event of business interruption caused by hatural hazards or technical failure, including insurance of such events on the part of selected business partners, general liability insurance, liability insurance for losses caused by a defective product or product recall insurance. RENOMIA specialists will help you configure an optimal mix of insurance products that will cover all your risks while respecting your specific needs.
Product recall insurance:
costs associated with informing the distribution network and the public
cost of return, sorting and physical liquidation of the product
- cost of repair or replacement of defective products
- additional personnel and overtime costs
- imperative of 100% safety and reliability of products
- constant pressure on prices
- fierce global competition
- dependence on suppliers or clients
- pressure to invest in modern production technology
- more pressure on the sustainability of products
- always-changing legislative and regulatory requirements