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IACCM Contract Management Forum

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Reliance Defence Limited
2017-10-16 09:53:35

Insurable Risks

Hello

Is there any insurance for breach of contract? And at a more generic level, what are the standard exclusions in any insurance policy for defective product liability taken by the supplier . Thanks in advance.
 
 •   2017-10-24 08:22:12
Dear Ruchika,

Insurance policies for breach of contract like delay, defective product, plant non-performance or under performance etc are available.

Inclusions and exclusions depend upon how we negotiate. But generally insurance policy for delay and performance covers the LD payable by Contractor to Customer in terms of the contract.

In case of defective product liability, it generally covers loss of property and injury or death of personnel, however will not cover the repair or replacement of the defective product or loss of use.

Regards,
 
 
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