This is type of questions which distincts people with a good ownership skills. In principle, depends on the criticallity of the situation, you shall try to solve it with all and every manner and tools by yourself, unless the potential negative impact from the delay (during which you will try to change anything) is much larger than the implicit value from your actions.
For example, if your product's defect is minor or if you may stop the line w/o large issue on the client's side or penalty on your side - pls make the fixting or replacement. However, if your product is time-sensitive, clients need it urgently, delay will cause your company significant amount of money or you can't fix it - then you need to get your boss involved.
What your boss may potentially do (and what you may potentially be willing to do)? Well, sometimes it's better approach your boss, because he/she has more responsibilities, broader vision of the context, etc.
But the real ownership quality is shown when (for any reason) there is no boss above? Then you may consider the following:
* Inform the client about it and ask his advice on the situation to understand urgency, propose him discount, product substitution, extra services, etc.
* Buy the same/similar product at your own cost from 3rd party supplier and deliver it to the client w/o him being aware of your problems
* Inform the client about the delay, and promise him to deliver it with no cost for him. Thus you will definitely discover what you shall be doing in order to avoid such collapses in the future.
Hope this helps,