Provided by Specialty Group

Automotive Component Recall

Manufacturers of automotive components face significant financial risk from any failures in product manufacture and design, Automotive Component Product Recall Insurance is there to minimise these risks.

Tokio Marine HCC's Specialty Group’s team of underwriters and claims professionals are readily available to discuss coverages and design a comprehensive protection package for
your company. 

Our target market is any manufacturer of automotive component parts – Tiers 1, 2 & 3. This includes small companies up to large multinationals. Coverage can be provided on an overall turnover or contract specific basis. We will consider both safety and non-safety critical components. We have the underwriting expertise to provide tailored coverage solutions to address the needs of this market segment.

Highlights

  • Financial Capacity up to USD 25 million or currency equivalent
  • Worldwide territory
  • Crisis responses services by Sedgwick's brand protection

 

Summary of coverage

Coverage can be provided on an overall turnover or contract specific basis. We will consider both safety and non-safety critical components. We have the underwriting expertise to provide tailored coverage solutions to address the needs of this market segment. Our policy is designed to provide critical coverages for losses arising from failures in product design or manufacturing. These coverages are not contemplated under standard product liability policies or coverage extensions found in other insurance products.

 

Covered insured events

  • Product Safety – the use or anticipated use of the insured product has or would cause bodily injury property damage.
  • Product Guarantee – the use or anticipated use of the insured product fails to perform the function it was manufactured or designed for.
  • Government ordered recalls

 

Covered insured losses

  • Recall expenses – communication, shipping, disposal, additional rental/storage, additional costs of hiring people.
  • Replacement expenses – refunds/credits, repair costs, equivalent replacement costs and reinstallation costs.
  • Third Party recall and replacement expenses
  • Defence Costs
  • Consultant Costs
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Specialty UK

Single or multi-transactional
Specialty Europe

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PRODUCT SHEET

Automotive Component Recall Insurance - UK

The protection you need to minimise the financial risk and reputational impact of a product recall.

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PRODUCT SHEET

Automotive Component Recall Insurance - Europe

The protection you need to minimise the financial risk and reputational impact of a product recall in Europe.

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Your team

Directory
Main office

Fitzwilliam House
10 St. Mary Axe
London EC3A 8BF
United Kingdom

+44 (0)20 7702 4700
Contact Default Photo
Mark Hutton

Head of Crisis Management, International

Ian Davidson
Ian Davidson

Senior Underwriter, Crisis Management

Contact Default Photo
Shaun Russ

Head of London Market Crisis Management

Europe

Directory
Main office

Torre Diagonal Mar
Josep Pla 2, Planta 10
08019 Barcelona
Spain

+34 93 530 7300
Doris Pajon
Doris Pajon

Senior Underwriting Manager, Global Crisis - Specialty Group

Anthony Osterrieth
Anthony Osterrieth

Head of International Business Development - Specialty Group

About our team: Specialty Group

Our Tokio Marine HCC - Specialty Group underwriters are well equipped to address the full range of exposures facing commercial and financial enterprises and individuals based in the United States and abroad. We deliver individually tailored solutions that meet the ever-complex needs of each of our clients. Our underwriters continually seek ways to enhance our products and protect our clients from challenging and unconventional exposures wherever they are based. We listen, develop a profound understanding of our client's needs, and develop coverage packages to protect them against the unexpected. For Crisis Management Insurance outside the US, globally:

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Why choose Tokio Marine HCC?

Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Europe, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance.

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