We have recently witnessed an increase in the number of claims addressed to producers and sellers by consumers that have suffered from the use of defective products. Facts prove that in most cases the court is on the side of consumers, which means that the defendant company shall compensate for the damage and the legal costs. However apart from entailing financial losses such cases imperil the company’s goodwill and its trademark as well.
You can avoid conflicts, litigations and contingency expenses if you acquire a product/completed operations liability insurance.
Insurance event:
Claims against the Insured person filed under the RF civil procedure legislation on claims associated with the unintended damage to third parties’ life and health or property caused by the use by the latter of defective product produced (or sold) by the Insured person or services provided by the Insured person.
Our policy covers the following risks:
Inconformity of the product’s (works or services) quality to the agreement, sample, description, certificate or any other standard of quality;
Breach of validity period of the product or service;
Breach of product’s safety in the normal conditions of its use (storage, transportation or utilization) or works (services) in the normal performance conditions;
Incorrect information on the product (works, services).
Insurance compensation includes:
Damage caused by the destruction or damage of the property;
Revenue lost by the affected party as a result of disablement or reduced capacity associated with an injury or any other damage to health for the whole period of incapacity;
Additional expenses required for the aggravated party’s recuperation (high feeding, sanatorium and resort treatment, care, prosthetic operations, transport costs, etc.);
A share of revenue lost as a result of the affected party’s death by the dependable disabled persons or persons entitled to allowance paid by him for the period determined in line with the requirements of the RF civil legislation;
Burial expenses in the event of the affected party’s death;
Moral damage compensation;
Legal costs, legal assistance costs including lawyer’s fees;
Reasonable and justified expenses to reduce losses subject to compensation;
Costs associated with the preliminary establishment of circumstances of insurance events and assessment of damage caused.
Our Contacts
If you have any questions or need additional information, please contact:
