Electric vehicle (EV) technology company Ozop Energy Solutions to launch extended warranty products for electric vehicles through a new captive insurance company. Delaware-domiciled EV insurance company (EVIC) is 100% owned by Ozop’s subsidiary, Ozop Capital Partners, and will underwrite its business under the name Ozop Plus.
Ozop is being advised by RMA, who also assisted EVIC in filing its application with the Delaware State Department of Insurance for regulatory approval.
“Ozop Plus strives not only to fill the manufacturer’s warranty void, but also to bring added value to electric vehicle owners through an extended warranty product, as well as to use our partnerships and strengths on the renewable energy market to offer unique and innovative services, ”the company said in a statement.
“Concerns for electric vehicle owners include the costs of repairing and replacing electric vehicle batteries, range anxiety, environmental responsibilities, roadside assistance, and the accelerated wear and tear of additional components that they experience. electric vehicles.
Ozop Plus had almost completed the process of creating a warranty that gives electric vehicle owners “peace of mind,” he added. RMA will act as a third party administrator and use a team “including, but not limited to legacy carriers” with AM Best financial strength ratings of “A” (excellent) and issuer credit ratings. of “a”.
Ozop invents, designs, develops, manufactures and distributes ultra high power chargers, inverters and power supplies for a wide variety of applications in the defense, heavy industry, aircraft ground support, marine and others.
“We look forward to working with this team of seasoned professionals as Ozop Energy Solutions is committed to delivering products that positively impact our country’s ever-changing energy challenges,” said Brian Conway, CEO. “Ozop Plus will enable customers of our partner auto dealers to offer additional protection to new buyers of electric vehicles, as well as existing buyers, who commit to investing in low-emission vehicles. “
RMA, Ozop Energy Solutions, EVIC, Launch, Technology, Vehicle, Insurance, Reinsurance, Brian Conway, North America