Product
Product Liability Insurance
Industrial Product Liability Insurance is to keep the risk factors arising from your business's activities in Turkey and the world under control in an economical way without conflicting with your profitability target.
Today, the protection of users and consumers as well as customer-oriented services and human rights have become the primary objectives of companies and states. The combination of mass production in the service sector and industry with automation in the production process has resulted in a large number of damage possibilities caused by defective products in many sectors.
What is Product Liability Insurance?
Product Liability Insurance covers material or bodily damages incurred by third parties due to a defect in the product.
Product Liability Insurance is not a Product Warranty Insurance, but a liability insurance. It provides assurance not for the goods, but for the liability against third parties related to the product produced by the insured.
What is Product Liability?
Product-induced damages, which we often encounter in everyday life, arise not only because the product is faulty, but also because of misinformation about its use or failure to mention the dangerous side effects of the product.
Who can be held responsible for damages?
According to the EU Product Liability Law; -Manufacturers of finished goods, semi-finished goods and raw materials -Marketers who market goods produced by others under their own brands or titles as if they had produced them -Sellers of products of unknown origin -Importers of products from outside the community to an EU member country according to the Consumer Protection Law in Turkey; the seller, dealer, manufacturer and importer are jointly and severally liable to the consumer for "defective goods or any damages caused by defective goods".
Recall Risks
''Recall Coverage'', which can be obtained in addition to product liability insurances, is activated for the recall of defective products purchased by consumers from the market. The following special conditions can be added to the coverage. - Product Recall - Loss of Profit - Replacement Costs - Rehabilitation Costs - Defence Costs - Expertise and Consultancy Costs