Risk Management for Electronic Vehicle Parts
The automotive markets continue to develop towards electronics intelligentisation. The more people rely on electronic systems, the higher requirements set for the safety and reliability of the software, hardware and system integration of automotive products. Failure in design or compromise of reliability may danger people’s life and property. In recent years, there are much large-scale product recalls reported by well-known car manufacturers.
In addition to losing goodwill and bearing large recall costs, they may also face huge compensation demands and class actions. International automakers are paying more and more attention to risks of product liability and recalls, and there are increasing trends to transfer these risks to upstream suppliers. In view of the heavy responsibilities against the automotive component suppliers, more comprehensive risk solutions are required to mitigate exposures and enhance the company’s competitiveness.
Depending on the type of product defect and the implications of the defective component on its end use, Aon will assist you in arranging comprehensive insurance solutions to overcome the financial risks brought by products safety and performance issues.
| Product Liability |
The Assured is indemnified for compensation for injury and/or damage (including claimants costs and expenses) against claims arising out of or in connection with the assured's products. |
| Product Guarantee |
The Assured is indemnified for the costs of removal, recovery, repair, alteration, treatment or replacement of any product (or part thereof) which fails to perform its function. |
| Financial Loss |
The Assured is indemnified for damages and costs and expenses arising as a result of any financial loss which is incurred by customers or third parties as a result of any product (or part thereof) which fails to perform its function. |
| Product Recall |
The Assured is indemnified in respect of recall expenditure incurred for the recall of products (or any part thereof) if it is necessary to recall products because their use or consumption may cause the legal liability against the Assured. |
Aon is your best partner:
- Deliver to our clients the most competitively priced and structured risk transfer solutions through our country, regional, and global network of insurance experts accessing local, regional and global insurance markets.
- Focus on successful and expeditious claim resolutions even on the most complex or contentious claim scenarios through our regional claims advocacy team employing qualified legal practitioners.
- Take a collaborative approach with our clients to identify and analyse exposures and provide tailor-made solutions through bespoke coverage, industry-specific products and a global outlook.
- Develop innovative insurance solutions customized to meet our client’s risks, rather than standardised off-the-shelf insurance policies.
- Leverage on the capabilities of our Data & Analytics practice to enhance traditional benchmarking capabilities and build innovative tools to help our clients achieve their insurance decisions and goals.