For the purpose of Product Liability Insurance product means any tangible goods or property after it has left the custody and control of manufacturers which has been designed, specified, formulated, manufactured, constructed, installed, sold, supplied, distributed, treated, serviced, altered or repaired by/or on behalf of the insured.
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UK: Insures legal liability for damages, claimants’ costs and own costs for accidental injury or damage caused by ‘products’ supplied by the insured. The policy is ‘losses-occurring’ with an annual aggregate limit of indemnity. Cover is worldwide in respect of products supplied from the UK. The efficacy risk is not covered but is included under a financial loss extension. The insurer is not liable to replace defective products or for product recall. See RETROSPECTIVE COVER; VENDOR’S INDEMNITY; BATCH CLAUSE; CONSUMER PROTECTION ACT 1987; PRODUCT GUARANTEE.
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US: Protection against financial loss arising out of the legal liability incurred by a manufacturer, merchant, or distributor because of injury or damage resulting from the use of a covered product.