I find it ironic that Chevy’s motto used to be “the heartbeat of america”, yet they now say people will die from their defective products. (part of GM at least) LOL!
I would imagine the GM and Chrysler are, in fact, self-insured for product liability. However, if they are using component parts from other suppliers, those suppliers may buy insurance. Generally they would have been held harmless, but, in light of the bankruptcies, this may change those contractual arrangements.
That probably has more to do with the financial viability of the dealerships being in question. We are closely watching any and all of our risks who have GM or Chrysler brands to make certain they are paying us.
How is it that we’ve come to believe that we are SOL if injured by a product whose manufacturer is no longer in business? Back in the old days we relied on first party coverage such taking out as life, disability, auto, homeowner and health insurance in order to protect us from the unfortunate events in life. And guess what? – there is no 30% contingency fee taken out of the proceeds.
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I find it ironic that Chevy’s motto used to be “the heartbeat of america”, yet they now say people will die from their defective products. (part of GM at least) LOL!
WHAT? The State Guarantee Funds handle claims of financially insufficient INSURERS. NOT automakers????
How long have you been selling insurance?
I would imagine the GM and Chrysler are, in fact, self-insured for product liability. However, if they are using component parts from other suppliers, those suppliers may buy insurance. Generally they would have been held harmless, but, in light of the bankruptcies, this may change those contractual arrangements.
That probably has more to do with the financial viability of the dealerships being in question. We are closely watching any and all of our risks who have GM or Chrysler brands to make certain they are paying us.
How is it that we’ve come to believe that we are SOL if injured by a product whose manufacturer is no longer in business? Back in the old days we relied on first party coverage such taking out as life, disability, auto, homeowner and health insurance in order to protect us from the unfortunate events in life. And guess what? – there is no 30% contingency fee taken out of the proceeds.
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