Product Guarantee Insurance is designed to protect you from the failure of your products to perform as they have been guaranteed to do.
Product Guarantee insurance provides cover for the costs of repairing or replacing products and the direct consequential losses arising out of a defective or harmful product or a product which does not fulfill its intended purpose. This form of insurance extends the manufacturer’s ‘warranty of fitness’ requirement to actually underwriting or guaranteeing the product.
Product failure is inevitably the result of an error, sometimes a human one and sometimes through inadequate design or quality control. The cost of defective products in terms of making good the damage to the product and the resultant consequential loss can cause enormous financial strain. Such costs are not covered under a standard Public and Products Liability policy.
For more information about Product Guarantee insurance, please contact your local Regional Insurance Brokers office or submit an online enquiry