Tom Simon Tom has worked in the insurance industry since 1977 holding numerous positions from Account Executive and Agency Manager, President to his current role. He combines his unique ability of thinking differently with his wealth of insurance and business experience to propel CoverLink to new levels of success. In his spare time, he enjoys spending time with his family, especially his grandkids. In addition, he’s also an avid woodsman… yes, you read that correctly. He can often be found yelling “timber” or just splitting firewood for family and friends. Matt Simon Prior to joining the team at CoverLink in 2006, Matt worked as an Underwriter with a multi-state insurance company located...
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Manufacturers, Do You Understand Your Products Liability Risks? From an initial prototype sketch to the warning labels on a finished product, the decisions made during the course of bringing a product to market can come under intense scrutiny in a products liability claim. Manufacturers should focus on the potential risks across a product’s life cycle to help both prevent and defend against products liability claims. In 2014, products liability led the list of top verdict categories for court cases. Among the top 100 verdicts by dollar value, a total of more than $33 billion in jury awards involved products liability. In addition to the financial costs of...
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Product Liability Insurance: 5 Types of Protective Coverage If you are a manufacturer, distributor, supplier, retailer or any other entity that makes products accessible to the populace, you are at risk of liability in the event of a related error. The following forms of coverage can protect from a liability claim and lawsuit. Though a company or store may not be the culprit in a tampering incident, they can be liable for it. This insurance covers the risk of another person corrupting a product or warning of tampering intentions. The insurance includes losses, such as: Required elimination of the tampered product Product restoration costs -party liability, as well as blackmail expenditures...
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"Jury Finds for Plaintiff in Latex Glove Suit" "Lawyers Seek Class Certification on Pedicle Screws" "Record Award Leveled in Fen-Phen Case" Any of these headlines sound familiar? Maybe you sleep easy and are unconcerned because you have product liability insurance. That's a good first step in building a prudent risk management plan. Medical device manufacturers may feel comforted when they have the financial protection afforded by product liability insurance. This comfort can be a false sense of security, however, if firms overlook potential pitfalls, coverage gaps, and key policy provisions. Let's review six situations that can land medical device manufacturers in hot water, jeopardizing...
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What Is Product Insurance And What Does It Cover? Product Liability, also known as Sales and Service Indemnity, is a type of insurance that covers you for any incidents caused after the sale or service of a vehicle, or after you have carried out work on a customer’s car, bike or van that you could have otherwise been liable for. Despite every effort of inspection and intentions for quality workmanship, there is still a chance that something could go wrong; a part you fit may be faulty or defective, or it may be fitted incorrectly which then causes damage to the vehicle incurring further expense. This policy will help cover any claims of injury or damage made against you after the...
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Sales & Service Indemnity For Motor Traders Sometimes the work you carry out or the products you fit to a customer’s vehicle might not be up to scratch, might be faulty or damaged, and might cause loss, damage or injury to a third party as a result. In these cases, if a claim is made against you, then Product Liability insurance would help you cover the legal liability, and the costs of counter-suing the product manufacturers or suppliers. Get a quote now! What Is Product Insurance And What Does It Cover? Product Liability, also known as Sales and Service Indemnity, is a type of insurance that covers you for any incidents caused after the sale or service of a vehicle, or after you...
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Product Description This insurance is intended to provide an indemnity to the insured (upto the limit of liability) in the event of a claim being brought against him. This may be caused by anything harmful or defective in the products sold or supplied by the insured in connection with the business specified. The Company in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation. The insurance will however not cover the cost of removing replacing or repairing defective products or loss of use thereof. The policy seeks to indemnify the insured against his legal liability to pay compensation (including claimants costs fees and...
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Defective Product that Causes B odily Injury are covered by Product Liability Insurance Defective Product that causes Property Damage are covered by Product Liability Insurance Legal fees arise out of defense Investigation Cost are covered by Product Liability Insurance Interest and Pre-Judgement Interest Additional Insured /Vendors Liability Policy in Occurrence Basis Worldwide covers and claims handling Manufacturer need Product Liability Insurance Trading Company have Product Liability Exporter are required to have Product Liability Insurance Online Shop must have Product Liability Insurance Licensee needs Product Liability Insurance “ Ensure you’re properly protected in the...
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When a business goes looking for general liability insurance, the options they have can seem somewhat similar: your goal really is to find the insurance carrier who best understands your business/industry, but once you find that carrier, the policy you get ends up looking a lot like the policy for any other type of business. The standard general liability policy contains a number of different insuring agreements, including coverage for: Premises/Ongoing Operations Liability Products/Completed Operations Liability Personal/Advertising Injury Liability No-fault Medical Payments Whether you’re a baker or a mechanic, your policy will likely contain each of these parts. However, in the life...
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