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product_liability productProduct liability insurance is available to the manufacturers, wholesalers, and retailers of various products. A defective product is defined as any physical item which is sold or given away, including medical, leisure, automotive, industrial, health and fitness products, blood, pets, drugs, foods, and even commercial jets, that is found to be unreasonably dangerous for its intended use. Any party involved in the production or distribution chain of a product can be held liable in a civil lawsuit when its users suffer injuries caused by a defective product.
Product liability insurance protects the parties involved in the production or distribution chain of a product. Some product liability insurance companies specialize in specific types of coverage, and some exclude specific types of product coverage. It is important for a company to purchase product liability insurance in order to protect their financial resources in the event that a personal injury product liability lawsuit is filed against them. Anytime a product user is injured while using a product for its intended use, a lawsuit can be filed against anyone who took part in making or distributing the defective product.
There are several factors that influence the type of product liability policy a company can purchase. A company will want to consider the price of the policy, the coverage that is offered, the company''s specialization, the insurance company''s reputation, and the deductible in a product liability insurance policy. The cheapest policy is not always the best. A product liability insurance policy will be affected by the type of product that is being insured. The more dangerous a product is considered the higher the product liability insurance premiums.
Virtually any individual that has been injured by a defective product has the legal right to file a legal claim against those parties that produced or distributed the dangerous product. Product liability insurance companies represent their clients in a legal case in order to negotiate a settlement to compensate the injured victim for the damages they incurred as a result of a defective product.
There are three types of lawsuits that can be brought against a defective product''s producers or distributors. In a negligence case, the victim must prove that the defendant''s negligence (in failing to prevent injury) caused damages. In a breech of warranty lawsuit, the victim must prove that their existed a “privity” of contract between the defendant and plaintiff that was violated and thereby resulted in injury. The newest type of lawsuit is called a strict liability lawsuit where a victim has only to prove that the product was unreasonably dangerous for its intended use.
Common product defects involve either design defects (such as those pertaining to asbestos, drugs and vaccines, medical or industrial devices, or any other product that is faulty by design) or manufacturing defects, where problems in the actual making of a product causes injury. Product liability insurance is vital to the protection of a business''s financial interests. It is also the vehicle by which victims of product injuries receive compensation for their injuries.
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