product liability insurance | Product Recall insurance

Product Liability / Product Recall

Product liability is the legal liability of Manufacturers, Distributors, Suppliers, Retailers, and others arising from producing or selling a faulty product that cause a Bodily Injury or Property Damage to a third party.

Common reasons that lead to a product liability claim are:

Design defects: Where the product design is inherently dangerous or defective and may be demonstrated either by showing that the product fails to satisfy ordinary consumer expectations as to what constitutes a safe product, or that the risks of the product outweigh its benefits.
Manufacturing defects: Defects that occur in the manufacturing process and usually involve poor-quality materials or shady workmanship.
Marketing defect: This has nothing to do with the product itself, but rather how it was marketed to the customer. Incorrect labelling, incorrect safety warnings (or lack thereof) or insufficient instructions are common marketing defects.

Product Liability Insurance can also be extended to include:

Product Recall: Covers the cost of recall, removal, recovery of possession or control, or disposal of the Product because its continued use may cause bodily injury or property damage and may result in incurring liability.
Products Guarantee: Covers cost of removal, repair or replacement of the covered product or its part thereof when it fails to perform its intended function and its continued usage could result in incurring liabilities.
Financial Loss: Covers financial losses suffered by third parties as a result of product failure, provided there is a need to recall the product as the continued use of the product could result in incurring liability.

We at UNISON have dedicated team members who have in depth subject knowledge & experience that enables us to offer you the best tailor-made policies with add on to cover your financial losses.

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