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Product Liability Insurance
Product Liability Insurances
Product Liability Insurance indemnifies the insured against all sums which the insured becomes legally liable to pay in respect of accidental bodily injury or illness to third parties, and accidental loss of or damage to third party property, arising out of the use, misuse, consumption, or handling of insured products or goods.
Who Needs Product Liability Insurance
Whether you are a manufacturer, a vendor, a supplier, or an exporter, you are exposed to the risk of products liability claims. In fact, any link in the chain of commerce is exposed to this risk.
Product Liability Claims
Products liability claims typically arise from REAL or ALLEGED defects in design, manufacturing, labeling, warnings and warranties, and packaging. Other causes may arise from the storage, transportation or handling of your products.
You may believe that your products are flawless. But have you thought about misuse? In some jurisdictions even the deliberate misuse of a product can be a basis for product liability claims.
Costly Legal Defenses Require Local Know-how and Expertise
In some jurisdictions, awards of up to millions of US dollars are a common occurrence. While some product liability cases can be won in court, most involve a lengthy and very costly legal process.
To defend you effectively, your insurer must have expertise in handling these cases. In-depth knowledge of critical jurisdictions such as those in Europe, the US, Canada or Australia is a MUST.
To read more on Product Liability
 Exporters: Managing Product Liability Exposures, by Marc Breuil, Regional VP, AIG South East Asia and Greater China
This article was first published in Asia Insurance Review's October 2005 issue.
US Product Liability, by Clausen Miller (a power point presentation)
Authorized by Clausen Miller
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