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Automotive - Benchmark For Limit Procured For Products Related InsuranceDear all,
Our team has a client who is in automotive industry and they are asking for benchmarking of the following product related insurances for Tier 1 and Tier 2 suppliers :-
– Product Liability
– Product Recall
– Product Guarantee
– Financial Loss
– Manufacturer’s Errors & Omissions
Would appreciate if you can share with us what are the type of limits your clients procured for this benchmarking exercise.
You may send your reply to my email at grace.ang@acclaim.com.sg if this is preferred.
Thank you.
Dear Grace,
We manage some reference clients in this industry, and we’re preparing the information to share with you by email in the next few days.
Kind regards,
Lívia
Thank you.
Dear Grace,
Here is the input for Slovenia and Serbia:
The limits for PL are from 5 mio EUR (for noncrucial parts), up to 20 mio EUR (for crucial parts of the vehicle). Recall is usualy included into the PL policy and has sublimit from 1 mio EUR upwards.
(Please not that neither in Slovenia, nor in Serbia Recall isn’t available as stand alone policy. Recall can be included into PL policy only.)
Wish you Happy New Year and all the best in 2024.
Kind regards,
Jovan
Thank you for your input. Jovan.