XL Group plc has launched automotive recall plus, a new product designed for the automotive supplier industry. The company said that it provides additional liability coverage for the warranty agreements between automobile manufacturers and suppliers. This makes automotive recall plus an option for automotive suppliers in Germany, Austria, and Switzerland.
Bernd Oppermann, the senior underwriter in international casualty at XL Group, said, “Until now, in the case of a product recall, neither production costs for faulty products, nor the automotive manufacturer's internal costs were insured. It was expensive and time-consuming for suppliers to produce replacement parts out of pocket. That is why we are delighted to launch this new solution in Germany, Austria, and Switzerland.”
The company said that the new product was designed for automotive suppliers with professional, proven quality control and risk management. The level of the premium primarily depends on the risks covered.
Mr. Oppermann explained, “Because we can calculate the risks individually, we are able to offer tailor-made premiums to suit our clients' needs. We are offering this product exclusively to new or existing clients with product recall policies, as well as either commercial or product liability policies.”
Michael Harth, the country manager of XL Group in Germany, added, “The automotive supplier industry is a pillar of the German economy, and we at XL Group in Germany are proud to make another innovative product available to this industry. Automotive recall plus answers a genuine client need, and complements the attractive product portfolio which makes us one of Germany's leading commercial insurers.”
Learn more: xlgroup.com/insurance.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].