GENERAL INSURANCE

Product liability policy insurance

This basically secures the businesses of wholesalers and manufacturers against product liabilities pertaining to :

  • Accidental death/ disease or bodily injury to a third party
  • Accidental damage to products belonging to a third party .

The demand for this kind of insurance protection has increased with passage of time due to availability of wide variety of products. When these products launch into the market, if they are found defective, they may cause death, bodily injury or affect consumer health or damage to property. It’s just not the goods; even containers too can cause injury or damage. It could be supplier of raw material or manufacturer of finished product who can take this insurance cover.

NSL will call upon experts, who are dedicated to understand specialized industries including pharmaceutical, automotive, energy, agriculture, chemical, construction to facilitate smooth claim process considering our superior subject matter expertise and eye for detail.

As an intermediary, we remove the risk of repudiation of claims without justified explanation to client by insurer; considering, proper checks were put in place at the inception of policy with respect to terms and condition.

Coverages Exclusions
Claims arising out of accidents occurring in the insured premises Cost of repairing defective product
Arising out of the performance of insured business Cost arising out of recall of any product
Officers, committees and members of insured’s organizations Deliberate willful non-compliance
The insured persons can have a claim against each other for injury or damage within scope of cross liability Pure financial loss such as loss of goodwill
Provides payment for costs, fees and expenses of investigation, defence or settlement of claim War and nuclear group of perils
Company’s total liability to pay compensation within limits of indemnity Arising out of voluntary disregard of guidelines regarding use of product.
Company’s total liability to pay compensation within limits of indemnity The insured shall bear a compulsory amount per any one accident.
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