Why is this insurance important and specific?
The product liability insurance is required by all legal entities dealing in production and trade, with the interest to cover their liability against damages to third parties. Taking out the insurance coverage against product liability with Dunav Insurance Company will help you approach the market more freely and with a higher quality, preserve reputation with your clients and prevent unnecessary expenses.
What is insured?
Product liability insurance covers the civil liability of the Insured against losses due to third party’s death, bodily injury or health impairment and/or damage to or destruction of third party property caused by the marketed products.
Which risks are covered?
The coverage applies to a future, uncertain event occurring beyond the will of the Insured as a result of faulty products which may lead to a third party filing a claim for compensation based on your liability for the production or marketing of such faulty products.
What is the agreed insured value?
The insurance is concluded to the sum insured which represents the indemnity limit per any one occurrence. In addition to the sum insured per any one occurrence, there is the aggregate sum insured which represents the total liability of the Insurer for the insurance period and is subject to contracting. The choice of an adequate sum insured is very important, bearing in mind that it generally represents the maximum possible amount of a third party’s claim.
What does the premium amount depend on?
The insurance premium amount depends on the selected cover limit, i.e. the sum insured per any one occurrence and in the aggregate, as well as on the type of product, territorial scope of cover and total turnover of your enterprise.
What is provided for by this insurance and what are your obligations?
If a third party files a claim for compensation against the Insured, Dunav Insurance Company shall settle the founded claims for compensation and reimburse the legal expenses
What benefits can you expect?
Premium bonuses and discounts may be granted depending on the level of product monitoring and control system, agreed deductible and the ratio between premiums and claims per this line of insurance
If you wish to find out more about product liability insurance and/or have any specific requirements, you may contact our nearest branch office, business office or an outlet.