Auto Component Manufacturers Insurance

Get several deeply researched insurance options in less than 24 hours:

  • Quotes sent in 24 hours.
  • Features explained simply.
  • Enter basic information. That’s it.
  • Risk held letter issued in 48 hours.
All fields required

Submit if you agree to our Terms of Use and Privacy Policy

Thank You

We will call you back within 24 hours.

Leave a message and we'll call you back.
CONTACT ME

Product Advantages

Comprehensive Cover
Claims made by your customers when the product doesn’t perform as expected are covered. This may be due to manufacturing flaws, design defects or when the government enforces a recall. Such situations may lead to huge costs and probable losses. The insurance also covers bodily injury and property damage caused to any person due to product.
Product Recall Cover
Insurance will cover the costs associated with recall such as advertising the recall, storage of recalled product, disposal costs and costs of reworking or re-designing the damaged product. It also cover the legal costs associated with investigation and defense. Some insurers will also provide you with the assistance and legal advice to defend the case.
Third Party Coverage
Insurance provides protection against claims made by your customers for loss of business reputation, purchase of substitute products and loss of contract due to the defect in your product. The policy will also cover you against the losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of their product.
Secure Your Reputation
Sourcing of components from different manufacturers increases product liability risk. If something goes wrong, it can lead to loss of company’s brand value, share price and loyal customer base. Product Liability insurance helps you preserve and regain your trust and reputation.

Why Claims Get Rejected?

Policy Wordings

Product recall claims get rejected as the insurance policy only includes product liability part. We ensure that auto component manufacturers have both product liability and recall insurance, thus making it easier for auto component manufacturers to settle their claims.

Claim Due To Past Issues

Claims arising because of issues that came up before purchasing insurance are rejected. The insurance company will scrutinize the matter carefully to know when automobile manufacturers became aware of the issue. This can be addressed by clearly revealing the information you have on a matter prior to buying insurance.

Industry Standards

If an auto component manufacturer is manufacturing and selling outdated models or parts which have been strictly banned by the government and if it is advised to upgrade the technology, the claim arising due to recall or liability of these products will get rejected.

Why SecureNow

Deep
Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices

Policy Administration
System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

FAQs

Product liability and recall insurance policy is taken by the companies that design and produce physical goods that are sold through retail or distributed for free for any kind of marketing or promotional event.
Yes, a case can be filed against the manufacturer of the product, and the seller of the product in some instances. If the product has undergone some change and the damage is due to that change, the individual or company involved in changing the product is also liable for the claim.
Yes, product liability and recall insurance are universally accepted and recognised by investors, external agencies and international companies.
The premium of product liability insurance is usually determined by the risk that product represents. Other factors like business turnover, country of export and quality control procedure followed by a company are also considered.
In case the report is registered against the company, that is likely to raise liability, the insured party must inform the insurer. If the company receives a legal notice, the same must also be sent to the insurer.

Search Insuropedia - Enter Your Question.