PRODUCT LIABILITY INSURANCE
PRODUCT LIABILITY INSURANCE
The product liability insurance covers any legal liabilities to third party arising out of injury or harm due to a product sold by a business. It covers the following: Bodily injury, illness or accidental death to a third party. Accidental damage to third party property.
Advantages of PRODUCT LIABILITY INSURANCE
Worldwide Coverage
Product liability insurance offers worldwide protection hence covers legal liabilities arising out of judgment and settlement made in any country by protecting your business worldwide.
Defense Cost Cover
Product liability insurance covers the range of expenses occurring due to a defective product. Some of them include overseas litigation, covering exports when domestic turnover is covered, and defence costs.
Comprehensive Protection
Product liability insurance covers a wide range of risks to your product due to which liability may arise. These include any defects in product, packaging defect, improper use of product or wrong user manual.
Affordable Premium
Product liability policy is available at affordable premium. You can customise the cover according to business needs by choosing from various add-ons such as vendor liability cover and technical collaboration liability cover.
Query?
FAQ
General Question
In order to initiate the claim settlement process, you should intimate us about the claim as soon as you receive court notice. We will further notify this to the insurer and will initiate the claim process.
In case of a claim, the policy will reimburse you the cost of defence and investigation of the claim which includes lawyer's fees, attorney's fees, and court costs.
Settlement costs such as repair and replacement costs if the property is damaged and medical costs in the case, if someone is injured, will also be indemnified by the insurance company in case you lose the case.
The product guarantee insurance indemnifies the insured for all the costs of replacing, repairing and reworking of the product when it does not perform as expected, when sold to end users, due to its faulty design or defect in manufacturing. Direct consequential losses arising out of a defective or harmful product is also covered under product guarantee.