Product Liability & Product Recall
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- Sample Headings
About PLI – Product Liability Insurance
- What is PLI? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
- Free Consultation for the PLI Product.
What is PLI?
Product liability insurance helps protect a business when there’s a claim that a product it made or sold caused harm. Claims of physical injury or property damage can be brought by the buyer of the product, a user of the product or a bystander.
The physical harm or damage caused by the product can be the result of the following:
- Design flaws.
- Product defects.
- Inadequate instructions, labels and warnings.
Just about any product has the potential to cause harm or property damage. For example, food sold at a restaurant could make someone sick. A small toy not labelled correctly could be a choking hazard. A computer purchased online might overheat and cause damage. A mower repaired at a local shop could malfunction and injure the user.
Basic Coverages
Product liability insurance would typically help with the following costs associated with an injury or property damage claim:
- Your legal fees.
- Settlements and court-ordered judgments paid to the injured party.
- Medical bills of the injured party.
Add On Coverages
Vendor’s Liability Extension is designed to cover liability for vendors who sell or distribute your product. For instance, your vendor might also be included in the legal case against your product for selling or distributing it and would be liable to share the damages with the insured. Extending the product liability coverage to include the vendors would help them fight such legal cases. This add-on eliminates the need for the vendor to purchase a separate product liability coverage.
Cover for exports add-on intends to cover the liability claims arising from exports to a foreign country. The add-on would be applicable only if the domestic product liability is covered under the policy. It also works out easier for the customer to have a single policy for sale in the domestic country and for exports instead of taking separate policies.
Coverage for defence cost add-on includes the cost incurred to defend claims against the insured. The add-on would be applicable only if prior consent is taken from the insured while engaging in defence related to the claims against the insured.
The retroactive date intends to cover the claims that have occurred in the past before the current policy start date. However, any claims arising before the retroactive date would not be covered under this add-on in the product liability policy. The insured could select the retroactive date in agreement with the insurance company. The importance of retroactive data is that certain incidents could have happened before but were not reported then and are reported during the current policy period.