MANAGEMENT

Detailed explanation-1: -Product Liability Insurance protects businesses if a product they produce or provide causes harm to a consumer.

Detailed explanation-2: -Product liability refers to the responsibility of the product manufacturer or seller to compensate for the harm caused to the customer due to a defect in the product or deficiency in service1.

Detailed explanation-3: -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.

Detailed explanation-4: -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.