Automotive industry: global insurance cover
The automotive industry faces a range of specific risks and challenges. On the one hand, the entire industry from car manufacturers to suppliers has a global focus with international supply chains and strong interdependencies between all parties involved. On the other hand, it is characterized by a high degree of innovation and technical development.
The wide-ranging supplier relations in the automotive industry are usually governed by highly complex contractual agreements. These are adapted and extended on an ongoing basis and can have serious consequences in the event of complaints and warranty claims. These factors, as well as the globalized processes of the industry, increase the risks in the event of a business interruption, vehicle recall or product liability case. Funk is your partner in devising a tailor-made insurance program for your company.
Specific solutions for car manufacturers and OEM businesses
- Property damage insurance against fire/explosion and machinery breakdown (technical and organisational fire protection)
- Business interruption insurance due to property damage and machinery breakdown
- Liability insurance for third party claims resulting from the operation or the vehicle (parts) produced
- Professional liability insurance
- Vehicle (parts) recall insurance
- Environmental insurance against production risks
- Marine cargo insurance
- Freight liability insurance
- Credit insurance
- D&O insurance
- Legal protection and criminal defence insurance
- Vehicle insurance
- Employee health and benefits concepts
Comprehensive risk analysis and consulting for the automotive sector
We analyze the specific insurance needs of each client and design cover concepts in line with the individual risk philosophy. On this basis, we find proper measures for risk management and recommend compatible insurance solutions to car manufacturers and suppliers in the automotive sector. Our considerations also take the contractual frameworks into account that govern global supply chains and are shaped by warranty, quality assurance or framework supplier agreements, waivers of recourse, liability understandings and other factors. Our clients benefit from our expertise, global competence and market position as a leading insurance broker in the automotive industry.
Risks
Liability risks
The potential liability of companies varies depending on the industry or clientele. Nevertheless, all companies have one thing in common: even small mistakes can lead to severe losses.
Property damage and BI risks
While property insurance is a basic protection every company should have, the risk of business interruption is increasing steadily as well – especially for globally connected players.
Risks in M&A processes
The M&A market is booming: in a constantly changing market environment, transactions are the key to the success and future viability of companies. But their risks should not be underestimated.
Services
Funk China
Investing and operating outside of China becomes more and more essential for Chinese companies. The Funk China Division supports its Chinese clients in managing the risks, challenges and chances of worldwide outbound investments.
Insurance + risk management
Funk devises and implements holistic risk and insurance solutions for companies across all industries, sectors and countries. In doing so, our experts do not only secure your individual assets but also create genuine added value for your company.
Employee health + benefits
Employee benefits concepts are a sustainable component of a good corporate policy. Funk provides comprehensive, transparent advice with a view towards the long-term advantages for your company and your employees.
