Negligent Manufacture
Definition of "Negligent manufacture"
Charge against a business firm in a product liability insurance lawsuit. Manufacturers have been held responsible for their products. When consumers become injured while operating a lawnmower, flying in an airplane, driving a car, or any of hundreds of other ways, they have grounds to sue the manufacturer of these products for negligence. Product liability has become one of the most rapidly growing areas of liability exposure for businesses and one of the most difficult to insure against.
Popular Insurance Terms
Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...
Degree of underwriting profit that an insurance company's book of business shows. ...
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Trust in which rights to make any changes therein are retained by the grantor. At the grantor's death all rights become irrevocable. This type of trust has several advantages: it can avoid ...
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Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
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