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Product Liablity

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We at KVISION are your one stop solution to all your insurance related queries. Insurance claims require specialized knowledge to reach a settlement, which we pioneer in. Our goal is to get your insurance claim settled promptly and fairly. We believe in giving individual attention for settlement of large and complicated claims. Our dedicated team works 24*7 for you.

Product Liablity

Every company that is producing some sort of products is exposed to the risk of personal damage or property damage to the third party. For e.g.: your company deals with the manufacturing of pens, what if some child accidentally swallowed the cover? OR a defective part manufactured by you, fitted in a machinery either reduces performance or life of the machinery or can produce defective products or the use of that machine is a threat leading to any personal injury or property damage. This can give rise to a big compensation claim.

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Complete Details

Who is liable to pay money for the loss or the damage? Do you think you are capable enough to pay for all the loss? What if unfortunately such an incident repeats? Will you still be able to pay for all the loss?

Products Liability insurance covers your liabilities as the seller or as the supplier (including manufacturer, wholesaler, etc. of goods in respect of physical injury to a third party or damage which is caused to a third parties property that may arise from the product after it has left your immediate control. This insurance not only covers the damages that would be awarded within a court of law, but it also covers the costs and expenses relating to the claim incurred by the policyholder.

Jewelers block policy

We at KVision provide package policy that are specially designed for jewelers, diamantaires and all those establishments who deal solely in diamonds. We help you face the loss or damage to jewelry, gold and silver ornaments or plates, pearls, precious stones, cash and currency notes whilst contained in the premises insured. Not just this, we also help you insure your premises and also built-in vaults, strong rooms ,closed circuit T.V. or armed guards, it also covers business furniture , plant and machinery and building against insured perils’. Also during when in the custody of owners, directors, partners, authorized employees, cutters, brokers, goldsmiths etc. Such a policy also covers infidelity not only of the insured employees but also contractors and subcontractors employees. It also covers mischievous disappearance of the insured items. It can also be extended to domestic and international exhibitions. It also covers dispatches of stock by courier through registered post parcel and airfreight.

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What is Covered?

Covers the insured items against fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

Covers the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.

Covers the insured property in transit by registered parcel post, air freight or through angadia.

Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.

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Exclusions

Any decrease in product sales that would be realized subsequently with the announcement of a Recall and due to loss of customer faith or approval, as well as costs incurred to attempt an increase in product sales or to regain customer approval.

Expenses incurred because your product is similar to, or has the same trade or brand name but is of a different batch than, the product which has been recalled.

The costs or expense to repair, recondition, decontaminate or otherwise treat the recalled products so as to render them marketable.

Natural deterioration, decomposition or transformation of chemical structure except as a result of error or omission in the manufacture of the products.

Failure of the Product to accomplish their intended purpose.

Breach of warranties of fitness, quality, efficacy or efficiency.

An intentional act or omission that was known or should have known to lead to a Recall.

Sale of the Product that had been banned or declared unsafe by any governmental authority.

There are various exclusions which depend on the company issuing this policy.

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