insurance

June 19, 2017

Not exactly The Jetsons, but . . .

Is the future finally here? PAL-V has announced pre-sales of the first road- and sky-legal flying car to be delivered in 2018. While not exactly like the Jetsons, the car/helicopter hybrid is an impressive feat of technology. With all the exciting technological advances we are making, product liability insurance will be critical in protecting a company’s investments in their new inventions. Product liability insurance helps insulate your company from financial loss if your product is accused of causing injury or damage.  With every new advancement, your need for product liability grows.  New products will be under particular scrutiny for liability during […]
May 30, 2017

Product recall’s high price tag for BMW

Last week, BMW announced they are recalling over 45,000 7-series models for a door problem that can allow the door to open when the car is in motion.  The fact that such an obvious safety hazard triggered a recall is not surprising.  What is surprising is that the cars in question are actually older models from 2005 to 2008.  So, these models in their current form, may not even be in production anymore, since car models typically change year-to-year.  This raises an important point on product recall insurance — Just because you don’t make the product anymore, it doesn’t mean you don’t […]
May 23, 2017

Even baby powder needs product liability

Almost everyone needs product liability…even if you only make baby powder. That’s right. Johnson & Johnson has successfully sued for a link between talcum powder use and cancer. Though some experts refer to the link as “junk science”, product liability cases have sprung up across the country. The largest product liability settlement yet came in May 4th $110.5 million. The plaintiff was actually a Virginia resident, but suit was filed in Missouri based on another victim, to make use of Missouri state laws that favor plaintiffs. So, even baby products can create product liability messes. Talk to us about your […]
May 1, 2017

The high costs of product recalls

Product recalls can be costly, but many businesses do not buy coverage By Erin Ayers, Advisen From vehicles to mobile phones to nut butter, product recalls have the potential to seriously affect businesses’ bottom lines, but many organizations don’t realize the need for product recall insurance, according to Florian Beerli, senior vice president at Chubb. “There’s a lack of education and understanding of what the coverage does cover,” Beerli said in a recent interview with Advisen. Some manufacturers may feel they have coverage for costs related to recalling and replacing products along with financial loss through their product liability coverage. […]