In December of 2016, a furniture chain agreed to pay $50 million to settle a lawsuit after its dressers tipped and fatally injured small children. All product manufacturers, designers, and retailers are exposed to a multitude of risks that can end in litigation.
With manufacturing and retail contributing $3.8 trillion to the U.S. economy, there is a vast need for protection in these industries. However, some products are too hazardous to be included in a standard CGL policy as they have an obvious potential for costly and widespread lawsuits. New products can also be excluded as they lack a track record leaving insurers with no way to gauge future risks involved. In both instances, a monoline Products Liability policy may be necessary to supplement a client’s CGL coverage.
Paperless Insurance helps pharmaceuticals, nutraceuticals/nutritional supplements, and aircraft parts risks, offering both occurrence-based and claims-made forms to protect your business.
Coverage Details and Features
Products liability only
Products liability with GL
Products liability with vendors and product recall expense
Excess products liability
Maximum limits of liability: $10 million
Infant Care Items
Metals And Raw Materials
Explosives And Weapons