The insurance market’s concerns over the complexity of supply chain and product liability issues have been raised in a new report on 3D printing technology.
The report from law firm Mayer Brown, claims the process could transform the insurance market, with insurers needing to develop a deep understanding of their client’s businesses in order to consider the regulatory environment and its impact on the risks they are underwriting.
Professional indemnity is another area likely to be affected by 3D printing. According to the report, if a product designer produces a digital file of their design for use in a 3D printer that then goes on to cause damage to property or personal injury because the design was defective the exposure to insurers could be huge. The prevalence of 3D printing and the potential for files to be downloaded a significant number of times also adds to the risks for insurers.
Ingrid Hobbs, Insurance partner at Mayer Brown, said: “Discussions between risk managers on the insurance side and business product developers within the client base they’re looking to insure are so important.”
“Such discussions will allow insurers to ask structured, targeted questions at placement or renewal stage about what a company is doing in relation, not only to developing exciting products through 3D printing but also in relation to protecting itself from possible liabilities and claims arising from the use of 3D.”
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