As a result of the rapid development of automation and driverless technology, the liability risk landscape is shifting from human to product error. Our industry focused approach, knowledge of both the product supply chain and contract risk management means we are able to provide market leading terms and cover for product recall and liability cover.
The composition of vehicles is becoming ever more complex. With this increased complexity and growing number of interconnected parts, the reliance on product integrity and performance takes greater emphasis.
These factors also lead to greater intricacy in the supply chain, making the products risk a huge challenge.
Visibility in supply chain and an in-depth understanding of the contractual obligations of respective parties will be critical in understanding the risk exposures of respective parties. Original equipment manufacturers (OEMs) and their respective tiers of parts manufacturers, will look to manage their risk exposures through contract, pushing liability down to their suppliers.
An understanding of whom an Insured contracts with and to what extent liabilities are retained and transferred through contract will be critical in designing appropriate and optimal risk transfer solutions.