Product Liability Insurance offers cover for third party liabilities (Bodily Injury-including death / Property Damage) arising out of the use of product/ products of the Insured (product includes packaging, labels, instructions & warnings). The costs covered under the policy are compensation awarded by the court against the insured in connection with the use of a defective product injuring a third party (including death) and/or damage to their property and legal costs incurred in connection therewith
WHO SHOULD BUY
Product liability insurance offers protection to distributors, manufacturers, retailers and wholesalers, against any legal liability arising out third-party injury or damage to property which is caused by the consumption or use of the product sold or supplied.
KEY EXCLUSIONS
• Deliberate, wilful, or intentional non-compliance of any statutory provision
• Product Recall expenses (this can be included as an add on at additional premium)
• The policy doesn’t cover the cost of repair, reconditioning or modification, or replacement of any part of a product that is allegedly defective
• Loss of market / Loss of goodwill
• Failure of goods or products to fulfil their intended purpose
• Aircraft, Automobile, or Watercraft Liability
• Fines, penalties, punitive, exemplary damages
• War, riots, political disturbances and the like
