Types of risk faced by Auto Component Manufacturers
Client-related
Legal liabilities arising due to bodily injury or property damage suffered by clients due to faulty products. Losses incurred include cost of lawyer, investigation costs and compensation awarded by the court.
Types of risk faced by Auto Component Manufacturers
Product Recall Risk
Product recall may arise due to defect in the product that may lead to a bodily injury or property damage to a client or its customers. Cost of dismantling, transportation and repairs can be substantial.
Types of risk faced by Auto Component Manufacturers
Premises Risk
An accident can lead to own damage or third party loss. Cause could be fire, natural catastrophe, machinery breakdown or sudden pollution. Reinstatement of assets and indemnification of 3rd parties is covered.
Types of risk faced by Auto Component Manufacturers
Business Interruptions Risk
Inability to resume operations after an accident can lead to consequential losses. Factory may require to be shut down until reinstatement. Loss of profits, and continued standing expenses can be covered.
- Client-related
- Product Recall Risk
- Premises Risk
- Business Interruptions Risk