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.
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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