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PRODUCT LIABILITY INSURANCE
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Product liability insurance protects against claims of personal injury or property damage caused by products sold or supplied through your business. It is designed to help protect your business by ensuring that if this happens, you don't have to pay any legal or court costs.
This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:
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.The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable
The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product.
Who can take the policy?
The policy can be taken by the manufacturer of any product whether it be the final product or part of the final product.
WHY MY CLAIM GOT REJECTED?
Inflated and fraudulent claims. Don’t inflate your claims. Most policies carry a forfeiture clause, so if you are caught out, you may have to forfeit all benefits under the policy – in other words, the insurer is entitled to repudiate the entire claim,
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