Products Liability ClaimsManufacturing, distributing, marketing and reselling products can often seem like a harmless venture until there is a Product Liability Suit. However, from time to time, and lately more frequently, issues arise that cause damages, injury and even death. When they do lawsuits ensue. When several people get involved in the lawsuit, class action lawsuits ensue which have the potential to be catastrophic, often costing manufacturers or their insurance companies millions or even billions of dollars.The following are major instances of Product Liability Claims, and they include recalls. Ironically recalls are often excluded from Product Liability Insurance Policies. Aside from severe cases, product Liability Suits can strike small jewelry designers, toy manufactures, clothing designers & manufacturers and to this day the thundering repercussions of paint manufacturing companies that used lead still echo through real estate owners looking for insurance. The following are the 6 of the largest Product Liability Suits, in order of smallest to largest by claim value adjusted for 2008 inflationary factors.
Number 6 Product Liability Suit February 2002
Ford Motor Company Featuring Bridgestone Tires
Product Liability Suit - Faulty Tire Recall Claim: Faulty Tires Causing Blow Outs, Roll Overs, Injury & Death by Having "Substantial Failure Risk"
Participants: 13.5 Million Vehicles
Individual Payment Range: $200 to $400 Claim Amount: Approx $1,100,000,000 Product Liability Cost adjusted for 2008: $1,285,400,000
Number 5 Product Liability Suit December 1998 Owens Corning Product Liability Suit - Asbestos Building Materials
Claim: Asbestos Building Materials Causing Mesothelioma, Cancer & Death Participants: 176,000 Individuals
Product Liability Claim Amount: $1,200,000,000 - 1.2 Billion Dollars Product Liability Cost Adjusted for 2008: $1,548,400,000
Number 4 Product Liability Suit May 1995 Dow Chemical Product Liability Suit - Silicone Breast Implants Claim: Silicone Breast Implants Rupture Causing Injury, Bodily Damage, Scleroderma & Death Participants: 400,000+ Women Individual Payment Range: $105,000 to $1,400,000 Claim Amount: $4,250,000,000 - 4.25 Billion DollarsProduct Liability Cost adjusted for 2008: $5,863,000,000
Number 3 Product Liability Suit August 1999 General Motors Corp Product Liability Suit - Faulty Gas Tank on the 1979 Chevrolet Malibu Claim: Faulty Gas Tank Caused Fatal Gas Tank Explosions Product Liability Claim Amount: $4,900,000,000 - 4.9 Billion DollarsProduct Liability Cost adjusted for 2008: $6,183,000,000
Number 2 Product Liability Suit March 2008
General Motors Corp (Again) Product Liability Suit - Faulty Chemical Use - Recall
Claim: Dex-Cool Coolant Causing Leaks & Engine Damage Participants: 35,000,000 GM Customers
Individual Payment Range: $400 to $800 Product Liability Claim Amount: approx $20,000,000,000 - 20 Billion Dollars Product Liability Cost adjusted for 2008: $20,000,000,000
Number 1 Product Liability Suit December 2002 Philip Morris Product Liability Suit - Tobacco Products Claim: Smoking Sickens & Kills People Product Liability Claim Amount: $28,000,000,000 - 28 Billion Dollars.Product Liability Cost adjusted for 2008: $32,720,000,000 What types of products need products liability insurance?Essentially any product that is put into market or sold in any venue should have products liability insurance. Some examples are food, clothing, tools, energy products, furniture, stationary goods, beverages, baked products, luggage, pet items, heating & cooling apparatus, electronic goods, vehicles, toys (especially). Click here for a List Of Business Classes we Offer Products Liability For. Also Avialable : International Product Recall Insurance Click here for more information on Products Liability Insurance Because every product is different, underwriting a products liability insurance policy is complicated. As many people have already found out, Castle Rock Insurance Agency is the best stop for a quote on their Products Liability Insurance. We are the low cost solution for your Products Liability Insurance Policy. Castle Rock Agency currently offers Products Liability Insurance Policy Coverage in New York, NY, New Jersey, NJ and Pennsylvania, PA. 6 Largest Products Liability Insurance Suits
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