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Client Ref.: 82.660
Client and project challenges
For a company with more than 45 years of experience and six production centers in Spain, the Czech Republic and several Latin American countries. They work in the design and manufacture of equipment to improve energy efficiency in electrical energy measurement and control equipment and electric vehicle charging.
Our work and approach
Their more than 3,000 energy solutions and international expansion in more than 100 countries forced them to rethink the Product Liability coverage to meet the high quality requirements demanded by their multinational customers.
<!– wpml:html_fragment –> Our challenge was to maintain the set of conditions of the Product Liability insurance with its extensions of Bonding and Mixing, Assembly and Disassembly Expenses and Product Recall Expenses.
<!– wpml:html_fragment –> Over a period of 3 years we saw an increase in the frequency of claims for alleged product defects, mainly from international clients in sectors that are very sensitive to the performance of their products such as hospital and automotive. This increase in claims resulted in an increase in insurance premiums and deductibles.
<!– wpml:html_fragment –> Our first consultancy focused on an analysis of claims frequency and intensity by type of product, country of destination and sector of application. We organized with the Civil Liability Engineering service of the insurer a visit to the factory and meetings with the Purchasing, Production, R&D, Quality and Sales/Distribution departments to analyze the causes of the increase in claims.
<!– wpml:html_fragment –> Our challenge was to maintain the set of conditions of the Product Liability insurance with its extensions of Bonding and Mixing, Assembly and Disassembly Expenses and Product Recall Expenses.
<!– wpml:html_fragment –> Over a period of 3 years we saw an increase in the frequency of claims for alleged product defects, mainly from international clients in sectors that are very sensitive to the performance of their products such as hospital and automotive. This increase in claims resulted in an increase in insurance premiums and deductibles.
<!– wpml:html_fragment –> Our first consultancy focused on an analysis of claims frequency and intensity by type of product, country of destination and sector of application. We organized with the Civil Liability Engineering service of the insurer a visit to the factory and meetings with the Purchasing, Production, R&D, Quality and Sales/Distribution departments to analyze the causes of the increase in claims.
Results
After the conclusions obtained from the meetings with the client, we prepared a Risk Management Report with recommendations, such as improving the control of raw material reception, designing a traceability and product recall plan, among others.
<!– wpml:html_fragment –> Additionally, we recommend reviewing the contractual liability clauses with multinational customers from other countries, particularly those referring to insurance obligations and exemptions imposed.
<!– wpml:html_fragment –> After two insurance annuities with low loss ratio we were able to renegotiate with the insurer to return to the previous conditions in rates, deductibles, limits and guarantees, thus obtaining better conditions for our client.
<!– wpml:html_fragment –> Additionally, we recommend reviewing the contractual liability clauses with multinational customers from other countries, particularly those referring to insurance obligations and exemptions imposed.
<!– wpml:html_fragment –> After two insurance annuities with low loss ratio we were able to renegotiate with the insurer to return to the previous conditions in rates, deductibles, limits and guarantees, thus obtaining better conditions for our client.
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