A comprehensive insurance policy covering the Insured’s legal liability arising from the supply of products by or on behalf of the Insured.
Businessmen who supply and/or dispose goods in the market for consumption (or use) may be legally liable to pay damage to third parties due to faulty manufacture.
What does the Products Liability Insurance Cover?
The Policy indemnifies the Insured against his legal liability to pay compensation in respect of accidental bodily injury, death, disease and illness to any person or damage to property belonging to others arising from the supply of products by or on behalf of the Insured.
What does the Products Liability Insurance exclude?
The policy is subject to certain exclusions, some of which are:
- War, acts of terrorism, loss, damage or liability arising from nuclear weapons material and radioactive contamination.
- Repair or replacement of defective products.
- Recall of defective products.
- Products supplied to airplanes.
- Contract liability.
- Cyprus Court Jurisdiction.
Who can Benefit from the Products Liability Insurance?
Shopkeepers (retailers or wholesalers), factory owners, hoteliers and others (businessmen, importers, organisations)
Some Advantages of the Products Liability Insurance
- Worldwide cover
- Cover of legal liability arising from the negligent acts or omissions of the Insured’s employees
- Option of choosing the limit of indemnity
- Cover of legal liability arising from the Insured’s failure to give the appropriate instructions or warnings relating to the use of the product or to adequately label the product.
- Adjustment of the premium every year.