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Product Liability insurance
product overviewA product sold or supplied to members of the public may cause unforeseeable bodily injury or property damage to product users as well as other related third parties. Such accidents may happen with any product, even with ones that appear to be harmless and that the manufacturers have made much efforts in product quality control.
In case claims are made against the product’s manufacturer and/or supplier, the claim amount and related legal costs can be very expensive. Product Liability insurance is therefore designed to protect the business against claims of property damage or injury that may arise from their products.
TMIV will indemnify the Insured against all sums that the Insured are legally liable to pay compensation in respect of:
- Bodily injury to or illness or disease of any person.
- loss of or damage to property
Caused by any defect in or the harmful nature of any product supplied by the Insured in connection with the Insured’s business.
TMIV will also pay costs and expenses of litigation in respect of a claim against the Insured for compensation.
Please refer to your policy for detailed coverage.
Main exclusions of Product Liability insurance include:
- Contractual Liability
- Employer’s liability or worker’s compensation
- War, terrorism
- Nuclear, radiation
Specific exclusions are mentioned in your policy.