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Product Liability Insurance
Any legal obligations to third parties resulting from loss or injury caused by a product that a firm sells are insured by product liability coverage. The following is covered: a third party’s unintentional death, disease, or physical harm. accidental harm of other parties’ property
Product liability coverage features
Global Coverage
Since product liability coverage provides global coverage, it protects your firm globally from legal responsibilities resulting from judgements and settlements concluded in any nation.
Defense Cost Insurance
The variety of costs brought on by a faulty product is covered by product liability coverage. Foreign lawsuits, paying for exports while domestic turnover is paid for, and defence expenses are a few of them.
Complete Coverage
A wide range of product hazards that might result in liability are covered by product liability coverage. Any product flaws, faulty packaging, inappropriate product use, and incorrect user manuals are examples of this.
Budget Friendly
Product liability insurance is offered for a reasonable fee. By selecting from a variety of add-ons, such as vendor liability insurance and technical assistance liability coverage, you may tailor the coverage to your specific company needs.
FAQ
General Question
? What is the procedure for product liability suit settlement?
As soon as you receive a court letter, you should inform us about the claim in order to start the payout procedure. The claim procedure will be started when we further notify the insurance firm of this.
? What expenditures are recoverable in product liability cases?
In the event of a claim, the policy will pay for your defence and investigative expenses, including legal counsel expenses and court expenditures.
If you lose the lawsuit, the insurance company will also cover settlement expenses such fees for damage to property repair and replacement, as well as medical expenses if someone is hurt.
? What is insured by the product guarantee coverage?
When a product is supplied to end users and fails to operate as intended because of a flaw in its design or a manufacturing issue, the product guarantee insurance reimburses the insured for all the expenses associated with replacing, repairing, and reworking the product. Product guarantees also cover direct resulting damages brought on by a flawed or dangerous product.
Talk To Our Insurance Experts
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