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 Posted: Wed Nov 10, 2010 11:53 am Post subject: Product liability insurance: Is it required in a business? |
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What is Product liability insurance actually meant to cover? Is it needed to cover damages caused to products? Or is it required to cover any damages caused by products?
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Plaintiff90
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| Posted: Wed Nov 10, 2010 9:33 pm Post subject: |
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"Liability" insurance of any type covers losses to THIRD PARTIES. The first party in an insurance contract is the INSURED. The second party in an insurance contract is the INSURER. The third parties to an insurance contract are persons INJURED as a result of something done negligently by the INSURED first party (or one of their family/household members, employees, or agents).
PRODUCT LIABILITY is coverage for the negligent harm a product does to a person who buys or uses the product.
We see "warning notices" (thought, erroneously, to eliminate the liability of the product maker/seller) such as on the electrical cord of a steam iron: "DO NOT IRON CLOTHES WHILE WEARING." Most people iron their clothes on the ironing boards and not on their bodies. Nevertheless, 70% of women will admit to having ironed clothing while they are wearing it (such as a skirt).
If burned by the iron, whose fault is it? Well, if the iron is defective, the manufacturer/seller of the iron may be at fault. That's what one needs PRODUCT LIABILITY coverage for. It may also cover the burns suffered by the person who irons their hat while wearing it on their head.
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MaxHerr
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| Posted: Tue Nov 30, 2010 3:34 am Post subject: |
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| Product liability insurance covers you against damages awarded as a result of damage to property or personal injury caused by your product. If damages are paid for personal injury, the NHS can claim to recover the costs of hospital treatment |
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mlight5378
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| Posted: Mon Dec 06, 2010 9:59 am Post subject: |
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Most persons reading this post are in America and have no idea that the National Health Service (NHS) is in England.
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MaxHerr
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