Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies. Your business may be held legally responsible for any injuries to people or damage to property caused by a faulty product. You can be held liable for faulty products even if you did not manufacture them.
Product liability insurance protects you against the cost of compensation for:
- Personal injuries caused by your faulty product
- Loss of or damage to property caused by your faulty product
- Defence cost
The policy can be extended to cover the following
- USA & Canada
- Organisation for Economic Cooperation & Development (OECD), countries
- Other than above
II) Vendors Liability: The Policy covering exports may be extended to cover “Vendors Liability”.
- Named Vendors
- Unnamed Vendors
III) Products Manufactured by Sub-Contractors and/or loan and licensed manufacturers on their own brand name.
IV) Technical Collaborators Liability- The policy can be extended to cover legal liability off collaborator with respect to the technical collaboration agreement between the named insured and the collaborator.
The coverages can be modified according to the need and exposure of insured.