Products
Products Liability
At Tennant Risk Services Insurance Agency LLC ("Tennant" or "Tennant Risk Services"), we write tougher products liability, and this products liability segment is now a significant opportunity in the specialty lines arena. While this segment has been the focus of standard markets in the past, the tightening market is pushing more of this business to the specialty lines arena.
Products manufacturers, distributors and sellers are vulnerable to product liability litigation, including class actions, as a result of alleged defects and even when improper use in involved. Regardless of the circumstances, the product manufacturer, distributor or seller is typically brought into the action and will require coverage for loss payments and defense. Product liability insurance provides protection to those organizations facing product liability exposure. Click here for Products Liability Claims example.
Some Products Liability Facts:
According to a 1999 national survey, 48.1% of hospital emergency room visits are prompted by injuries caused by consumer products, compared to 13.4% of such visits caused by motor vehicle accidents.* According to a 2001 national survey, the top five consumer products to cause injuries that resulted in emergency room visits were:*
- Floors or flooring materials - 957,367
- Basketball activity and related apparel & equipment - 653,661
- Bicycles and related equipment - 546,236
- Beds - 431,477
- Football activity and related apparel & equipment - 414,607
*U.S. Consumer Product Safety Commission National Electronic Injury Surveillance System (NEISS).
Products Liability Insurance
Tennant Risk Services specializes in writing classes of business that are not easily placed in the standard insurance market due to their complexity, high hazard or unusual nature. Our specialty is the new, unusual and hard to place products liability exposures. Click here for example accounts.
Tennant Risk provides products liability coverage on a wide range of specialty lines accounts on a claims made basis. Claims made coverage provides lower premiums, which is particularly beneficial to new companies in a start up phase. Our minimum premiums are as low as $5,000 on some accounts. We also consider discontinued products and tail coverage, but this has become much more difficult to place in the current market.
Benefits:
- We specialize in:
- Hard-to-place products
- New products
- Companies that have had claims
- Companies going through change, such as a sale
- Companies experiencing rapid growth
- Flexible liability coverage for manufacturers, sellers or distributors of a wide range of products.
- Claims Made coverage, which is particularly suited to smaller, start-up companies.
- No requirement for length of time a company is in business.
- Worldwide coverage.
- Almost any type of product risk will be considered, regardless of how unusual it may seem. We are particularly good for the following products:
- Risks with sales under $5MM
- Medical products
- Leisure products
- Automotive products
- Industrial products
- Health & fitness products
- We do not provide coverage for tobacco, latex glove, aviation or aerospace risks.
- We can customize coverage for a particular insured's needs. Examples include:
- Straight products only
- Full general liability including products
- Products liability in combination with Design E&O stand alone Design E&O
- Product Liability with Vendor and/or Product Recall coverage.
Tennant Risk Services provides products liability coverage for a wide range of businesses. Please let us know your client's needs and we will provide you with information and assistance with your particular situation or account, and general liability coverage.
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