As a manufacturer supplying products, you are always susceptible to the possibility that your product could cause damage to a third party – either property or a person. A small defect could open you up to massive claims.
In such a case, HDFC ERGO’s product Liability Insurance is vitally important for product manufacturers. The policy not only protects your organisation from claims but also covers legal costs associated with defending these claims against your organization.
The policy covers all sums (including defense costs) which the insured becomes legally liable to pay as damages as a consequence of: Read More...
The policy covers all sums (including defense costs) which the insured becomes legally liable to pay as damages as a consequence of:
...arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured’s premises. Coverage is written on a claims made basis, i.e. a Liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period. However, the policy offers the benefit of retroactive date, i.e. a date stipulated in a claims-made Liability policy declarations section as the first date of incidents covered by the policy. The retroactive date is designed to provide coverage for claims resulting from incidents that take place prior to the current policy term.
Renewal claims-made policies usually have the retroactive date of the first policy issued to the insured. When this is not done, there is a gap in coverage.
The policy does not cover any Liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.
The amount of coverage your business needs depends on:
Cost of insurance
The policy is Subject to a compulsory excess of 0.25% of the AOA limit, Subject to a maximum of Rs.1,50,000 and minimum of Rs. 1,500. Opting for a higher excess on a voluntary basis qualifies you for a discount in the premium payable.
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And any matter claimed against insured individuals solely by reason of their serving as an insured individual.
Cover is available for past Directors or officers bringing an action against current Directors or officers.
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Derivative actions brought by shareholders or regulatory bodies
Wrongful Defamation Employee related actions of wrongful termination, denial of natural justice and defamation relating to wrongful termination, discrimination
or sexual harassment claims.
Claims by an insured individual: Claims by an insured individual for contribution or indemnity
Defense costs: Cost incurred outside and not Subject to the procedural laws
of the USA
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