Product Guarantee Insurance
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1. Product OverviewInsurance that covers losses caused by defects and defects in the product, such as the cost of repairing and replacing the product itself.
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2. Who needs this InsuranceDistribution, Automotive, Industrial Instruments, Engineering, Heavy Industry companies
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3. Main Covered Damages
Insurance that covers damages caused by defective goods or products themselves, and covers the following damages:
Claims relating to the Repair, Removal, and Treatment of defective products
Replacement costs (compensation is made at the cost level, excluding sales margins)
* Scope of defective goods or products
this scope includes Failure to perform the performance as intended for the purposes of this insurance policy and is also a defective product. -
4. Main not Covered Damages
Personal Indemnity
Indemnification for property other than insured products
Indemnification liability, whether directly or indirectly, arising from any of the following causes:
War, invasion, hostilities, civil wars, rebellions, revolutions, rebellions, military or deprivation of power, strikes, riots, or civil disturbances
Liability for indemnification due to inability to use, loss of profit
Recall-Related Damages
Liability for errors or deficiencies in design, formula, plan, specifications, advertising material or printed instructions.
Contractual Aggravated Liability
However, this provision does not apply to the warranty of fitness or quality of the collateral product.Fines, penalties, punitive damages
Damage caused by nuclear fuel, nuclear waste, radioactive toxic substances, etc.