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It covers attorney fees and court-ordered settlements or judgment costs. This includes design flaws, manufacturing flaws, warning or use flaws, and damages and injuries stemming from proper product use.
It protects your business in case a product you sell or manufacture damages a customer's property, whether due to product defects or instruction manual errors.
It covers illnesses caused by products sold or manufactured by your business, such as expired food or allergy-inducing beauty products.
It addresses lawsuits, burial expenses, and other costs associated with customer death resulting from your product.
These include defense costs for providing documentation or information to investigators concerning product-related faults.
It reimburses expenses for managing and mitigating negative company reputation due to product-related allegations.
It offers protection for reasonable costs and expenses incurred by attending court proceedings, hearings, trials, and depositions related to product-related claim defense.
It covers costs for hiring public relations or crisis management firms to advise on public communication strategies related to product claims, lawsuits, or allegations.
Insurance coverage will be inapplicable if the policyholder makes explicit warranties or guarantees to customers concerning the performance or quality of the products being sold. In the event that such products fail to meet the stated standards, resulting in a damages claim, the insurance policy will not provide coverage.
In the event that the insured's product causes harm or damages someone's property as a result of its defect, the insurance policy may cover the costs of compensating the affected party. However, the policy typically will not cover the cost of repairing or refurbishing the defective product itself.
This exclusion applies to losses that may arise from a decrease in the insured's market share or loss of goodwill due to the harm caused by their product. These types of losses are typically not covered because they are considered to be indirect or consequential damages, rather than direct damages caused by the defective product itself.
If an insured engages in any willful or intentional misconduct, the insurance policy will not provide coverage for any resulting losses, including those that arise from claims of bodily injury, property damage, or other harm caused by the defective or dangerous product.
Employees of the insured are not covered under this policy for injuries sustained while manufacturing the product. The rationale behind this exclusion is that employees injured while manufacturing a product are typically covered by a separate policy named the workers' compensation insurance policy.
This policy excludes coverage for certain types of losses that may arise from technology products. It may apply to losses resulting from claims of intellectual property infringement, failure of technology products to meet performance specifications, or failure to perform as intended. The rationale behind this exclusion is that in general, technology products are more complex than other types of products and are subject to a higher degree of risk due to their reliance on software, hardware, and other advanced technologies.
