GENERAL KNOWLEDGE

Detailed explanation-1: -Product liability insurance offers protection to distributors, manufacturers, retailers and wholesalers, against any legal liability arising out third party injury or damage to property which is caused by the consumption or use of the product sold or supplied.

Detailed explanation-2: -Product liability is a term used to describe the legal liability of manufacturers or sellers of goods to compensate buyers, users and even bystanders for damages or injuries suffered because of defects in goods purchased. Product liability law is the area of law governing product liability litigation.

Detailed explanation-3: -Products liability claims can be based on negligence, strict liability, or breach of warranty of fitness. This will typically depend on the jurisdiction within which the claim is based, due to the fact that there is no federal products liability law.