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Auto loan lease coverage endorsement,what is balloon car finance,small business loan calculator australia,auto loan car title questions - Downloads 2016

Author: admin | Category: Auto Rate Calculator | Date: 30.04.2016

Product liability insurance protects the business from claims related to the manufacture or sale of products, food, medicines or other goods to the public.
To understand the need for this coverage it is critical to understand the potential liability.
Manufacturing or Production Flaws- A claim that some part of the production process created an unreasonably unsafe defect in the resulting product. Defective Warnings or Instructions- The claim that the product was not properly labeled or had insufficient warnings for the consumer to understand the risk. The damages awarded in these claims include medical costs, compensatory damages, economic damages, and, in some instances, attorneys’ fees, costs and punitive damages. All to often, resellers, gray market commercial sellers, and retailers fail to secure this coverage. If your company provides any products to the consuming public, then your company needs product liability or completed-operations coverage.
Finally, the premiums on such policies are based upon the type of product, volume of sales, and the role of the insured in the process.

Recent claims against Chinese manufacturers regarding the presence of dangerous chemicals in their products are an example of this type of claim. The most memorable example is the series of Pinto car cases against Ford in the 1970’s. Product liability claims can and do put businesses out of business – just ask any of the officers from any asbestos manufacturer. In most cases, some form of this coverage will be present in the standard commercial general liability or business owners’ policy. Thus, underreporting the volume of sales may seem like a good way to lower premiums or the idea may be to insure only a part of the sales. CharlesStatements on this website as to policies and coverages and other content provide general information only and we provide no warranty as to their accuracy. When it is part of a commercial general liability policy, the coverage is sometimes called products-completed operations insurance. However, manufacturers are not the only ones subject to product liability exposure, retailers and wholesalers are often brought into a lawsuit for alleged negligence by the consumer.

Clients should consult with their licensed agent as to how these coverages pertain to their individual situation. You will want to have a clear understanding of what is covered (for example, some policies will cover economic damages, but not punitive or statutory damages).
This is because there are usually substantial underinsurance penalties applied when the insured underinsures. On the other hand, you will want to make absolutely sure that your products are properly identified. We have no control over those sites or vendors and cannot, therefore, endorse nor guarantee the accuracy of any information provided by those sites or the services provided by those vendors.

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