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01 Oct Auto Parts Manufacturing Insurance Coverage
Insurance for Auto Parts Manufacturing Companies
Auto parts are a large sector of the manufacturing world, yet are much more difficult to insure than would be expected. Many insurers will not take on this risk and those that do, often ask for too much paperwork and are slow to issue a quote. For that reason, getting a quote for auto parts suppliers or auto parts manufacturers is extremely difficult. Fortunately, some brokers and issuers have deep knowledge of the auto parts manufacturing industry and are able to quickly issue a suitable policy. These brokers have the ability to do what others can’t for several reasons – making auto parts manufacturing isnurance a must-have for any company.
- Unlimited Liability
- Some auto body parts suppliers are difficult to insure because liability can grow very quickly and can potentially be unlimited. Defects can grow into public relations nightmares and losses can be unlimited when the damage results in injury or death.
- The car part supplier gets sued along with the auto maker itself.
- Deep Industry Specific Knowledge
- Some risks can only be understood and underwritten by specific specialty insurers with knowledge of the industries.
- These insurers know how to provide enough coverage to protect the automotive parts manufacturer, while still not issuing an irresponsible policy.
- They also often re-insure the risk to a large reinsurance firm that has an even larger capital cushion in case of a major problem.
Evolution Insurance Brokers is a specialty broker that can place hard to insure risks of almost any size. No matter if you are an auto manufacturer, an auto parts supplier or a number of other businesses, Evolution Insurance Brokers can meet the need.
For more information, please contact us.