By their nature product liability claims are complex requiring an understanding of the technical aspects of product design and manufacture, appraisal of the business and its position in the market for that product and the extent of distribution and sales. A detailed examination of causation is paramount followed by assessment of the duties owed contractually and under statute, perhaps on a global basis.
Contract terms and limitations must be understood and set in context. Quantum extraction and analysis, policy application, deductibles, exclusions for financial loss and “own product” require attention. There is also the question of possible recall to avoid further damage, injury or financial loss - balanced against the probability that this is uninsured. Quantum investigation can necessitate examination of manufacturing and sales accounts to verify material and labour costs together with any loss of profits during the period up to full product rehabilitation as well as end user damage and injury claims.
Throughout the claim period you will need to keep the Insured focussed, ensuring that a robust solution is found to the defect and sufficient replacement supplies delivered to help retain their customer base. It would be essential that the full extent of defective products is traced and assessed to avoid further loss and that all notified losses are mitigated.
When finally concluding the claims, including any group action, close attention would be needed to outside market and competition influences, mitigation compliance, contribution and contract terms and limitations.
Quite a complex process – involving the skills sets of lawyer, accountant, risk manager, technician, engineer, client liaison, economist and negotiator.
At Adjusting Solutions we specialise in product liability claims from all types of business and industry and in the various sectors of the supply chain through to end consumer. As adjusters we are experienced in extracting and assimilating the salient information to a claim, relating to all parties and developing rational solutions using these skill sets. We can often create commercial solutions which bring the insured and their customers together and which avoid potential litigation. We clearly define and cost insured and uninsured aspects of submitted claims so that your clients are fully aware of the financial considerations to any settlement
The benefits to you are:
- Adjusters dedicated to product liability claims and experienced across the range of industries and business sectors
- Accountants who can examine and verify manufacturing costs and assess financial loss
- Ability to relate to key decision makers and to understand and direct business considerations for the benefit of the claim
- A detailed understanding of policy terms and application and best market practice
- A “one stop shop” for products claims or specialists who work well with other experts in a tailored team
