Manufacturer's Error and Omissions Insurance
Protect your business from legal claims made by buyers of your products.
No matter the industry, manufacturers will normally face a variety of risks and exposure. One of which is the Financial Loss that the manufacturer’s clients can suffer as a result of defective products, or late delivery of these products caused by errors or omissions by the manufacturer, which is not covered by other insurance policies. This policy will respond to claims for financial loss by a third party even if there is no bodily injury or property damage.
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Your business will receive the following benefits:
- Can be written on a Standalone basis
- Flexible and can be tailor-made to individual needs
- Covers legal expenses
- Very broad cover, including:
i) Contractual liability
ii) Services - Possibility for single contract cover / Contract Manufacturing
Coverage:
a) Financial injury and claim expenses resulting from any claim, based upon a negligent act, error or unintentional omission resulting in a defect, deficiency, inadequacy or dangerous condition in the insured’s product.
b) Any financial injury sustained by a third party resulting in a claim made against a customer of the insured, to the extent that it is contractually required of the insured, including claim expenses.
Financial Injury means the economic loss sustained by a third party arising from the loss of use of, or the diminished use of, the third party’s property, including software, data and other electronic information, which loss the insured is legally liable for.
The benefit(s) payable under this product is (are) protected by PIDM up to limits. For more information, please refer to PIDM's Takaful and Insurance Benefits Protection System brochure on Zurich General Insurance Malaysia's website or PIDM's website.