A product liability proposal form is used to ensure the responsibility of a manufacturer, distributor, retailer or vendor of a product to compensate the owner of the goods for any injury caused by some problem or defect in the product after it has been sold. This is a form of consumer protection where they receive compensation for any damage occurring to them as a result of using the defective product. Defects can range from design defects, manufacturing problems or if there is failure to warn the customer about any problem. Thus a customer can feel secured that the product will be of good quality as the company would not like to take any chances by selling a defective piece and then paying for liability later. Companies insure their products so that they don’t face these problems later.
Sample Product Liability Proposal Form:
Name of company insured: ________
Date when company was established: _________
Email ID: __________
1) Coverage territory (Please select):
- Outside US excluding Middle East and Africa
2) Policy period: From __________ to __________
3) Business type (Please select):
4) Does the company have any subsidiaries? Please give name and address if yes. _________
5) Is the company a member of any trade group or bodies? If yes, please give name and address. _________
6) Select the company’s corporate status.
7) Please mention your gross annual turnover. ______
8) Describe the products and services offered by your company. ____________
9) List any product that has been discontinued in recent years.