Masonry Magazine February 1986 Page. 62
Insurance
Insights...
Product Liability Suits Common
"Guaranteed or Your Money Back?"
It's not that simple today. Money-back guarantees don't always bring customer satisfaction. People are more concerned about the products they use-and in today's consumer-oriented society they're often ready to go to court when they suffer losses or accidents related to these products.
This trend has been brought to a head by a series of court decisions expanding the legal doctrine of "strict liability." The doctrine states that the manufacturer of a product can be held liable for damage resulting from its use without any proof of negligence on his part. In one case, a machine manufacturer was ruled liable for an injury to an operator who had removed a safety guard from his machine.
Manufacturers aren't the only victims of these lawsuits. Retailers and wholesalers have been coming in for an increasing share of the liability, particularly for products sold under a retailer's private label. For example, a common source of liability for retailers is improper or inadequate instructions for use. In any event, injured parties can and do sue everyone in the chain of distribution-so protection is needed for all parties, regardless of the nature of the product.
Product Liability insurance protects your business against liability from real or alleged defects in products you manufacture, sell, handle, or distribute. It will pay for bodily injury and property damage to a claimant caused by a defective product. Payment for legal defense costs is also included. (The product itself, however, is not covered.)
Product Liability is usually part of the Comprehensive General Liability policy. (Or coverage can be added to an Owners', Landlords' and Tenants' Liability policy or to a Manufacturers' and Contractors' Liability policy.) The premium is determined by a rate per $1,000 of sales. You pay an estimated deposit premium, and then after an audit is done at the end of the policy year, the premium is adjusted. Insurance & Risk Management Newsletter. Commercial Insurance Service, Inc. Charleston, W.Va.
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3 Brand New Morgen Conveyors
Model MP-56 with V-4 Wisconsin Engine, 5 ft. chute extension, 8 in. tremie adaptor, 8 in. tremie splice joint, 30 ft. rubber 8 in. tremie hose. Self-propelled, 56 ft. long, reaches 35 ft. up, delivers 100 cu. yds. per hour. Crated and ready to ship from Brentwood, NY COD $21,999.
Call Bob Hibler Collect
(516) 484-4700
Advertisers Index...
LET THEM KNOW YOU SAW IT IN MASONRY
AA Wire Products Co.
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Addiment, Inc.
41
Ahrens Chimney Techniques
56
American Cancer Society
56
American Colloid Co.
50
Anchor Manufacturing Co.
60
Automatic Devices, Inc. (Ryd-Up)
2nd Cover
Fred Beyer & Co.
59
Bil-Jax, Inc.
46
CareLift Equipment Limited
36
Dur-O-Wal, Inc.
40
Euclid Chemical Co.
3rd Cover
Fibermesh, Inc.
8
Genstar Lime Co.
3
Glashaus, Inc. (Weck Glass Blocks)
49
Glen-Gery Corp.
34,58
Gradall Co.
55
W. R. Grace & Co.
9
Hohmann & Barnard, Inc.
32, 33
Hydrochemical Techniques, Inc.
57
Interactive Management Systems Corp.
54
International Masonry Institute
39
James Group Service, Inc.
42
Kem-O-Kleen, Inc.
60
Korfil, Inc.
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Lull Engineering Co., Inc.
5
MCAA Marketing Systems Manual
45
Masonry & Concrete Consultants, Inc.
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Masonry Specialty Co.
10, 11
Mayco Pump Corp.
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George Mayer Mfg., Inc. (Queen Air)
51
Morgen Manufacturing Co.
30
National Wire Products Corp.
53
Non Stop Scaffolding
22, 37
Patent Scaffolding Co., Division of Harsco Corp.
7
Robert H. Peterson Co.
57
Pettibone Corp.
12
Planksaver Lumber Co., Inc.
58
Pittsburgh Corning Corp.
18
Sellick Equipment Limited
4th Cover
Sterling Handling Equipment, Inc.
56
Stucco Stone Products, Inc.
16
Universal Manufacturing Corp.
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USG Industries, Inc.
6
Waco International Corp.
59