Product Liability Insurance
Product Liability Insurance Policy cover or protects a company against claims or suits arising from the manufacture or sale of the company’s products.
This Policy covers the manufacturer’s or seller’s liability on account of accidental death/bodily injury or disease to third parties and/or loss of or damage to third party property arising out of any defects in the products manufactured. Moreover,The Product Liability Policy cannot be issued with unlimited liability.
Scope of Cover
The insurance cover only applies to claims arising out of any defect in the Product(s) during the period of insurance first made in writing against the Insured during the Policy period and notified in writing to the Company no later than 30 days thereafter.
accidental injury to persons
accidental damage to tangible property
The insurance cover extends to the legal liability of the following persons:
The officials of the Insured in their business capacity arising out of the performance of their business or in their private capacity arising out of their temporary engagement of the Insured’s employees;
The officers, committees and members of the Insured’s canteen, social, sports, medical, fire fighting and welfare departments in their respective capacities as such;
The personal representatives of the estate of the Insured but only in respect of actual liability incurred by the Insured
Provided always that all such persons shall observe, fulfil and be subject to the terms, conditions and exclusions of this Policy as though they were the Insured
The Company shall not be liable in respect of
Liability to employees
Liability assumed by the insured under agreement
Liability for Personal Injury/Bodily injury/property loss due to gradual seepage/pollution or contamination and cost of removing, seeping, polluting or contaminating substances. However accidental pollution can be covered.
Fines or penalties, exemplary or punitive damages
Liability arising out of damage to property belonging to third parties that is rented, leased or hired or under hire-purchase or on loan by you or in your custody, care or control;