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Product defects are unavoidable and uncontrollable and may cause damages to third parties. “Product Liability Insurance” provides indemnity to the hereunder in case of any third-party personal injuries and/or property damages as a result of the Insured’s product defects.
Any and all manufacturing, marketing and maintenance service enterprises that are legally established within the territory of the People’s Republic of China (exclusive of HKSAR, Macao SAR and Taiwan, the same applies below) are deemed to be qualified enough to be the Insured hereunder.
1. Fees paid for personal injuries, property damages, arbitration and litigation can all be covered.
2. Transferring the liability from enterprise to insurer, eliminating worries.
1. During the insurance period or retroactive period and within such scope of insured areas as specified herein, in case of any third-party personal injuries and/or property damages as a result of the Insured’s product defects and the Insured is claimed against the first time ever during the insurance period, the Insurer shall undertake to pay the indemnifications hereunder against any such indemnification liability as to be borne by the Insured.
2. In the event of any insured accident, as a result of which either arbitration or litigation has been raised against the Insured, the Insurer shall also take such liability as to make indemnifications hereunder against any such arbitration or litigation expenses as imposed on the Insured as well as those other necessary and reasonable fees.
Terms and Conditions of Product Liability Insurance