Lose Power Steering problems of the 2008 Honda FIT

We own a 2008 Honda Fit. At the time of the incident we had approx 48k miles on the vehicle. On a few occasions when starting the car in the morning, the power steering indicator light would come on and the vehicle would have no power steering. . Turning off the car and restarting the vehicle would reset the indicator light and power steering would return. At the end of Feb 2010 my husband was on the freeway traveling at @75mph when the light came on and power steering went out in the vehicle. He was able to get to the side of the road with no incident. He turned the car off and on and the indicator light went off and power steering returned. At the dealership, we were advised Honda has an internal bulletin that the error codes in the vehicle indicate a problem with the electronic power steering module, a chip of some sort, and that it needs to be replaced. The fix is due to cost us over $700. The part is not covered because we are beyond our 36k factory warranty. We believe it is a safety issue. If we were to lose power steering when navigating a turn crossing lanes of traffic etc, the sudden loss of power steering could cause a hazardous situation. We called Honda directly and submitted a complaint and asked that they cover the cost of the part and the fix. Considering that the vehicle has less than 50k miles on it, and that the part is faulty and causes a safety hazard. Honda denied our request.