Product Liability Insurance

  • Buy Product Liability Insurance in India

Let us understand what is Product liability? It is the policy or legal scheme in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. As  a  manufacturer  supplying  products,  you  are  always  susceptible  to the  possibility  that  your  product could cause damage to a third party – either property or a person. The product may have a manufacturing defect or even due  to  faulty  packaging, delivery specifications or instructions as to use of the product. The Product Liability insurance for manufacturers is the ideal solution for such financial losses. Vendors/ Sellers Liability Insurance policy covers cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.

Scope of cover

The policy covers all sums (including defence costs) which the insured becomes legally liable to pay as damages as a consequence of:

  • Accidental death/bodily injury or disease to any third party;
  • Accidental damage to property belonging to a third party;
  • ..arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured’s premises.

Major Exclusions

  • Product efficacy
  • Product recall
  • Product guarantee
  • Pure financial loss
  • Terrorism, war & SRCC
  • Any professional services deficiency
  • Personal injuries such as libel, slander
  • Fines, penalties and punitive or exemplary damages

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