Get quote if you agree to our Terms of Use and Privacy Policy

PRODUCT LIABILITY INSURANCE

ABOUT

Product Liability Insurance is made in the name of the producer of the product. Policy also covers Officials of the Insured in their business capacity arising out of the performance of their business (termed as Insured). Policy will indemnify financial loss suffered by Insured in respect of legal liability arising out of the use of the product. “Claims” can include damages, judgments, settlements that are awarded against the Insured person.

Policy will not cover claims for either repairs to the defective products or for failure of the products to fulfill the intended purpose. Policy does not cover civil or criminal fines or penalties imposed by law, punitive or exemplary damages.

PRODUCT LIABILITY INSURANCE

BENEFITS

LIMITS OF LIABILITY (SUM INSURED)

  • Two limits are required to be indicated, namely, a) limit for Any one Accident and b) Aggregate limit.
  • Policyholder can choose the liability limits in accordance with estimated exposure either in INR or USD.

LEGAL LIABILITY

  • Arising out of use of Insured’s product, accidental injury to any person or damage to any person’s property is suffered.
  • The party suffering such injury or damage to his property files a claim against Insured.

DEFENSE COSTS

Policy also covers legal costs or expenses incurred by the Insured while defending any claim made against him within the Limit of Liability.

BENEFICIAL EXTENSIONS

Upon payment of additional premium, the Products Liability Insurance can be extended:

  • To cover Legal liability of the Technical Collaborator
  • To include Vendor as insured with respect to the distribution or sale in the regular course of the vendor’s business of the named insured’s products designated
  • To include as ‘additional insured’ any Company that procures the Insured’s products for further processing
  • Costs involved in recalling defective products before they are sold

SIMPLE PROPOSAL FORM

Simple proposal form pertaining to the company and list of products for which cover is required is to be furnished.

FLEXIBLE TERRITORY AND JURISDICTION

Both the “Territory” and “Jurisdiction” could be either India only or Anywhere in the World according to exposure.

Search Website

Have a question? Ask or enter a search term?

Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages

Search Insuropedia

Have a question? Ask or enter a search term?

Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages