A liability may arise as a result of bodily injury or property damage caused by the use of your products after they are sold or supplied. Karur Vysya Bank in association with Bajaj Allianz General Insurance offers you Product Liability policy, which offers to indemnify the legal liability that you may incur due to this.
The sum insured must be chosen taking a worst case scenario including the number of persons who could be injured or who could contract illness or disease after the use of the products. In case of exports, adjustments must be made in keeping with local laws. To the maximum possible legal liability that you may incur, please add the possible legal expenses that will be incurred since the sum insured includes legal costs.
The policy does not cover product liability or costs arising out of:
- Costs incurred in repairing products
- Costs incurred in recall of products
- Any product used as part of an aircraft
- Deliberate non-compliance with any statutory provision
- Loss of goodwill or loss of market
- Fines, penalties, punitive or exemplary damages
- War risks, nuclear risks
- Property belonging to you or held in trust
- Claims arising out of contract of employment
- Contractual liability
- Product Guarantee
- Failure of goods to fulfill intended purpose
- A contract of employment or apprenticeship