Category: Insurance tips Release Date: 2006-08-01
Product liability insurance is the responsibility of the insured person within an agreed period defective products, in the life insurance contract caused by the use, consumption of this product or third party bodily injury, illness, death or property damage, according to the law should be The insured bear the financial liability, as well as the resulting litigation costs (compensation should be determined within the limits of compensation)
Product liability insurance exclusions In addition to liability insurance is generally not insured obligations, some other projects are not responsible for: 1, the product still in production or sales sites, users or consumers have not yet transferred to the hands caused by the loss; 2, of the insured loss of the product itself, as well as a result of the insured person to recover, replace or repair defective products caused by the losses and costs; 3, in providing for the sale took place outside the region to use the product for damage and costs; and so on.
Product liability insurance insurance policies only to products produced within an agreed period arising from product liability charge, but an agreed period in the insurance policy is based on the performance of the insurance period and retroactive period, the retroactive period is usually played by the insurance period extended forward one year, no more than three years, the claim in Bulgaria during the period of retroactivity or insurance must be produced and sold within the period the product caused the agreed period is not a product liability claim, the insurer is not liable.
Product liability insurance policy, usually provides that the two compensation limit: aggregate compensation limit and the maximum amount of compensation for each incident (some policies were additionally divided into two types of personal injury and property damage limit). Compensation limit under the high and low premium rates and product categories to determine the different types. Product liability insurance premiums generally based on the cumulative sales of insurance products, multiplied by the applicable rates are considered as (some policies in order to agree on a single-piece product premium calculated by multiplying the number of products with the insurance premiums).
Terms of product liability insurance against accidents each identified as having special provisions, namely, production and sales of the same batch of product, more than for the same causes of personal injury, illness, death or more of property damage, as caused by an accident losses.
Product liability insurance on the insured's product requirements are very strict product should be insured by the National Product Quality Inspection Agencies inspection pass is not responsible for disability, liability claims arising from defects. At the same time clarified the obligations of the insured, the insured person should strengthen quality control, strict product testing system, and accept the quality inspection department of inspection and the insurer of the product quality inspection and supervision. In addition the insurer on the risk of damage to others may cause a huge and difficult to grasp products, such as pharmaceuticals, building materials and so on, the general control one day.
