Product Liability/Product Recall
Product Liability Insurance is becoming increasingly essential as more claims are being filed against manufacturers, suppliers and exporters. In addition, the governments of such major economies as the USA and European countries are stipulating that the manufacturer, supplier or exporter must have Product Liability Insurance before a product may enter that country. Product Liability Insurance safeguards you by indemnifying your liability to a third party for bodily injury and/or property damage including defense costs:
- when the insured products are considered to be defective
- when the insured products are unable to meet their design, plan, drawing, specifications, formula or instruction advice
In recent times, there has been an increase in the recalling of defective or damaged goods. To protect yourself against loss and to minimize your risks resulting from such a recall, it is advisable to take out a Product Recall Insurance policy in addition to a policy for Product Liability Insurance.