nature of operations / list of products / sales by country / manufacturer location / packaging & repackaging details / ingredients / regulatory details / claims history
We are all familiar with Product Liability claims given the number of advertisements to join class action law suits, or those serious enough to be in the press alerting the public. As such, this coverage is pretty well understood. However, many do not realize the coverage is often excluded by companies when the products are considered potentially hazardous.
When coverage is needed, it's important to consider the coverage in detail as options exist for the following:
- product recall coverage
- clinical trials coverage
- foreign & domestic sales
- specific ingredients can be included or excluded (medical / beauty / homeopathic products)
- vendor coverage
Also, if manufacturing is done by a company that is uninsured to US standards, a company may need to be insured as a manufacturer even though this work it outsourced. They key with coverage is always who will address a claim or lawsuit if one is brought. If you can't guarantee coverage from the manufacturer then it's good to have a policy in place.