Product recall is a request from the manufacturer to return a product after the discovery of safety issues. Or product defects that might endanger the consumer or put the maker/seller at risk of legal action. The product recall insurance is provided as an add-on to the product liability insurance policy. Product recall insurance within the […]
Articles Tagged: product liability insurance
Does Product Liability Insurance Covers Spoiled and contaminated Food?
Yes, a product liability insurance policy covers spoiled and contaminated food as well. A product liability insurance policy covers the various costs associated with damages, illness, or injuries caused by your products. If you run a restaurant, grocery store, or wholesale food business, perishable food, and beverages are like your ‘food and butter’. You will […]
What are the duties of Insured under product Liability Insurance?
Product liability insurance plays an important role in safeguarding the business from various claims which may arise in respect of its products and services. So, what are the duties of the Insured under Product Liability Insurance? Though product liability insurance offers coverage; the policyholder has to discharge some duties under a product liability policy. Duties […]
What is Product Liability Insurance Policy?
Product liability insurance is a policy that indemnifies the distributor, wholesaler, and retailer against various losses or damages which could arise out of the consumption or use of products manufactured, sold or distributed by them. As a manufacturer who is supplying products, you always deal with the risk that your products could cause loss or […]
Applicable of principle of subrogation to Product Liability insurance?
Yes, the principle of subrogation applies in the case of product liability insurance policy as well. If a product liability insurance company settles the claim, the insurer shall be subrogated to all of the policyholder’s rights of recovering the claim amount if the loss or damage happens due to the fault of the third party. […]
Does Public Liability Insurance Cover Subcontractors?
Does Public Liability Insurance cover Subcontractors as well? Yes, public liability insurance cover subcontractors as well. If you are working as a subcontractor, you are vulnerable to various kinds of losses or damages. Moreover, if you are working as a subcontractor, you are more likely to be running your own small business. Even if you […]
What is not covered in auto-component manufacturer insurance policy?
The auto-component manufacturer insurance policy covers product liability and product recall insurance. In order to secure your business operations against the financial loss due to product-related lawsuits or product recalls, buying a business liability policy is important and it is equally important to know the important aspects of this business insurance. Following are the exclusions […]