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Auto suppliers finding recall insurance difficult to get.

Publication: Crain's Detroit Business
Publication Date: 26-APR-04 		Format: Online - approximately 771 words
Delivery: Immediate Online Access
Full Article Title: Auto suppliers finding recall insurance difficult to get.(News)

Article Excerpt
Byline: Carolyn Aldred

Many suppliers are going without recall insurance, even though the carmakers are increasingly requiring them to bear the risk of recalls resulting from product defects.

Product-recall insurance for suppliers has grown scarce in recent months following market leader American International Group Inc.'s decision to drop the coverage.

The carmakers are paying more attention to the cost of recalls in the wake of massive uninsured recalls in 2000 and 2001 by Ford Motor Co. and Bridgestone/Firestone Inc. of defective tires on Ford vehicles.

Suppliers and their brokers now are beating paths to London and Bermuda to try to find other underwriters. Some underwriters are starting to step into the void left by...

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