Product Liability Insurance Policy

Key Feature

Insured's legal liability to pay compensation for Injury and/or Damage arising out of any defects in the products covered under the policy (including claimants costs fees and expenses) in accordance with the law of country.
It also covers the legal cost and expenses incurred in defiance within the limit of indemnity.
The product can be offered on a claim made basis or occurrence basis.
On payment of additional premium, the following coverage can be opted:
Limited Vendors Liability Extension
Technical Collaborator Inclusion
North American Jurisdiction Extension

Coverage

Product Liability Insurance Policy covers

Your legal liability to pay compensation to a third party in respect of bodily injury and/or property damage, suffered by them, arising out of any defect in the products manufactured and covered under the Policy after such products have left your premises.
It also covers the legal cost and expenses incurred by you in defence within the limit of indemnity.
Product means
Tangible property
Manufactured, processed, repaired or sold by you and beyond your control and custody.
On payment of additional premium, the following coverage can be opted:
Limited Vendors Liability Extension
Technical Collaborator Inclusion
North American Jurisdiction Extension

Exclusion

Product guarantee, warrantee and financial loss
Product Recall
Products which left the control and custody of the Insured prior to Period of Insurance.
Loss of pure financial nature like loss of goodwill, loss of market share etc.
Professional liability
Fines, penalties, punitive and /or exemplary damages
Deliberate, willful non-compliance of any statutory requirements
Pure Contractual liability
Damage to property owned and/or occupied by the Insured or property under care, control and custody of the Insured
War, Strike, riot, civil commotion and/or terrorism
Nuclear radiations