IRDAI License Number: IRDAI/INT/ISNP/2022/250

Product Liability Policy

Epoch Insurance Brokers Private Ltd.
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Product Liability Policy
Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

Who can take this Policy?

Coverage

Add on Covers

Basis of Sum lnsured

Exclusions

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance
Ensure that assets should be covered under the right entity/company
Risk Location/s should be properly mentioned
Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

Our Insurance Partners

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Claim Case Study - 1

1
Situation
Situation

A auto manufacturer found that the ignition switches was faulty and could shut off the engine during driving, disable power steering and brakes, and prevent airbags from inflating. The faulty switches caused several deaths and car accidents. After receiving several complains from all over the country, auto manufacturer decided to recall the vehicles.

2
Challenge
Challenge

The automanufacturer had a product liability policy covering only the bodily and property damages caused to the third party but it did not cover caused incurred in recalling product.

3
Solution
Solution

Various meaures can be worked out which can reduce the cost of recall.

4
Advisory/Conclusion
Advisory/Conclusion

Product Liability Policy should be designed to pay liability arising to third party along with defence cost and product recall cost.

Claim Case Study - 2

1
Situation
Situation

A tobacco manufacring company faced a suit filed by a woman who had lung cancer and claimed that smoking cigarettes had caused her sickness and that her tobacco addiction was caused by the tobacco company's failure to warn her of the risks of smoking. The company was ordered to pay punitive damages of a whopping $28 billion and $850,000 in compensatory damages. Philip Morris appealed the case and nine years later the amount was reduced to $28 million.

2
Challenge
Challenge

3
Solution
Solution

4
Advisory/Conclusion
Advisory/Conclusion

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