Product Liability

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Product Liability Insurance provides cover in respect of the Insured’s legal liability to third parties for bodily injury or damage to property caused by the nature, condition or quality of the Insured’s Products.

Why should I choose this plan

The Covers

The principal covers and benefits shown in this document are not exhaustive descriptions. You should read the Policy Wording and Policy Schedule to know the details of covers and benefits available, any limits which apply and the terms and conditions that apply. You should also read any exclusions that apply.

Zurich will pay all sums that the Insured becomes legally obligated to pay as damages because of “bodily injury” or “property damage” included within the “Product Hazard” to which this insurance applies.

“Product Hazard” means:

a. Includes all “bodily injury” and “property damage” occurring away from premises you own or rent and arising out of “your product” except for products that are still in your possession.
b. Does not include “bodily injury” or “property damage” arising out of:

  • The transportation of property, unless the injury or damage arises out of a condition in or on a vehicle not owned or operated by you, and that condition was created by the “loading or unloading” of that vehicle by any Insured; or
  • The existence of tools, uninstalled equipment or abandoned or unused materials.

Validity of your policy

The dates when your policy starts and ends are stated in your policy schedule and both dates stated are inclusive in the coverage.

Important things you should know

Insurance contracts contain policy exclusions, policy terms and conditions and policy limits and sub-limits that you should be aware of when deciding to buy our product. These things may affect the amount of payment that we will make to you if you have a claim.

How much premium do you have to pay ?

The premium amount that you must pay for your insurance cover is set out in your schedule. The amount of your premium is determined by taking a number of different matters into account.  It is important for you to know in particular that the premium varies depending on the information we receive from you about the risk to be covered by us. The higher the risk is, the higher the premium will be.

In this product, factors that are taken into consideration include the following:

  • Your business
  • Your estimate annual sales turnover
  • The geographical limit/jurisdiction
  • The limit of liability
  • Your loss experience
  • Detail of products
  • Laboratory Tests and/or any Certifications relating to safety and/or quality of products

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