PRODUCT LIABILITYPRODUCT LIABILITY

Product liability refers to the legal responsibility by the manufacturer or marketer of a product for any bodily injury or property damage caused by that product. Product liability insurance coverage is purchased to protect against claims arising from law suits filed by users who suffer injury or damage. I The Problem Costs of product liability insurance premiums have risen sharply in recent years. Particularly vulnerable are smaller firms and companies in certain high risk fields. In some instances, insurance protection may be either unaffordable or unavailable. The most seriously affected producers are in such fields as machine tools and other industrial equipment, medical and electronic devices, sporting goods, chemicals