London, UK - 6th March 2013
Since 1995, over 15m U.S. automobiles have been recalled each year.
RKH Specialty's leading product recall team is offering specialist auto recall insurance to global companies that supply parts to the automotive industry.
Every automobile is comprised of thousands of parts, which may have to be recalled by their customer if they fail to perform as expected, or could be subject to a forced safety recall by organisations such as the National Highway Traffic Safety Administration.
For the suppliers who make these parts, auto recall insurance, providing product guarantee cover, contributes to their financial sustainability as well as providing reassurance to their customers. RKH Specialty Head of Product Recall Mark Colgate commented, 'As the economy has struggled, we have seen product recall insurance increasingly become part of the contractual obligations imposed on the parts supplier.'
The insurance available covers first and third party recall expenses, costs associated with advertising and communication, disposal, extra staff and transportation requirements as well as replacement expenses, including reinstallation. There is also an option to purchase a customer financial loss extension.
Please contact the Product Recall team, firstname.lastname@example.org, to find out more.