Product Liability

This insurance cover manufacturers that may be held liable for bodily injury or damage to property of others caused by defective products. The cover under this policy operates in respect of liabilities arising out of the use of specific product. Policies are issued subject to maximum limits of indemnity.

How to define the maximum limits of indemnity?

There is no precise basis of measurement to derive a “right limits”. Having said so, a possible indicator to come up with a reasonable max limit of indemnity is by the scale of the company operations and the net assets value.