Policy snapshot
This policy covers legal liability arising out of defects in products that cause bodily injury or property damage to third parties.
What is Product Liability Insurance (PL)?
Product Liability Insurance protects businesses from claims related to injuries or damages caused by defective products. It's crucial for any business involved in manufacturing or distribution.
What can it cover?
- The policy covers legal liability and compensation for bodily injury or property damage caused by a defective product. It may also cover legal fees and expenses associated with defending claims. Optional extensions include product recall and vendor’s liability.
Who should consider it?
- Manufacturers, importers, distributors, OEMs, Companies in food, pharma, electronics, and consumer goods
Key features to understand
- {"heading": "Key Features", "bullets": ["Covers product design, manufacturing, packaging, and labeling errors", "Legal defence costs included", "Can be extended to cover product recall", "Global jurisdiction options available"]}
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.