Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched an automotive components product recall policy, designed to cover first and third party recall expenses.
The policy coverage encompasses critical, noncritical and after-market parts with limits of $5 million primary and $10 million excess over selected carriers.
“Critical and noncritical auto parts is an underserved market and one that we often receive requests to write,” said Jane McCarthy, senior vice president, LIU Global Crisis Management. “We are constantly studying the market to drive our product innovation and grow and diversify our product recall book.”
She added: “We see this as an opportunity to tap into our team’s expertise and provide a solution for a known coverage gap facing our clients.”
This coverage will be available globally to Tier 1, 2 and 3 suppliers to original equipment manufacturers in the US, UK and Asia-Pacific.