Product Insurance
Products Liability Policy 'Product liability insurance is for businesses that manufacturer products for sale on the general market. Product liability insurance protects against lawsuits arising from injury or death caused by their products.
Product Liability Insurance
Insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.
Salient Features
- The policy pays for damages, that the insured is legally liable to pay in consequence of accidental death/injury or disease to third parties including damage to third party property due to any defect in the products manufactured.
- Claims arising out of accidents during the policy period due to defects in the products covered by the policy are payable.
- The policy also covers injury to third party and pollution liability on account of products covered.
- Indemnity is extended to officials of the insured in their business capacity.
- Officers, committees and members of insured's welfare associations personal representatives of the estate.
- All costs, fees and expenses incurred in investigation, defense and settlement of claim made against the insured, cost of representation at any inquiry or other proceedings in respect of matters having direct relevance to the claim made against the insured are covered by the policy subject to the overall limits stated in the policy.
Exclusions
- Product Recall.
- Deliberate, willful or international non-compliance of any statutory provision.
- Loss of goodwill, loss of market.
- Fines, penalties, punitive/exemplary damages.
- War and War like situations.
- Any loss occurring prior to the Retroactive Date mentioned in the policy.