Product liability insurance for the quality of products/services

Such an insurance contract is usually required:

• exporters of goods to the countries of Europe and North America
• companies providing services or performing certain works abroad
• manufacturers of goods in the presence of an agreement on the use of license rights objects by license holders

Within Ukraine, such coverage is relevant for consumer protection, for example, for hotel or restaurant owners.

The cost of insurance is calculated individually. The tariff is affected by:

• the amount of coverage
• type of goods produced and sold
• type of work or services provided
• total turnover (current and next year)
• actual and planned revenue from the insured activity
• availability of exports
• work experience
• history of claimed losses

The exhaustive list of exclusions is determined by the insurance contract on the basis of the INGO insurance rules.

The main exclusions from insurance coverage are:

• Manufacturing (sale) of products / provision of services without a special permit (license)
• Deliberate violation of the established technological rules for the manufacture of products, non-compliance with state requirements
• Failure of the insured to provide information about products in Ukrainian
• Failure to fulfill the obligation to withdraw the goods from circulation
• Recall of products
• Violation by the consumer of the goods of the terms of use, storage, disposal of goods, use of goods for other purposes
• Reimbursement of the cost of the product itself, its repair (warranty obligations)
• Financial losses, lost profits, interruption of production
• Moral damage
• Environmental pollution
• Copyright infringement, unlawful use of trademarks, etc
• Asbestos, lead-based paints, tobacco products, GMOs
• Fines and penalties
• Intentional, criminal acts (including gross negligence)