STETSON ENGINEERS, INC. (4) - Laserfiche WebLink

Home Browse Search

c. The following Is added LIABILITY, D. Liability and Limits of Insurance: Product Recall Expense Lir a. The Limits of Insurer SUMMARY OF COV endorsement and the I fix the most that we v Product Recall Exl regardless of the numb (1) Insureds; (2) "Covered Recalls" (3) Number of " withdrawn. b. The Product Recall E) Limit is the most that you for the sum of a expenses" Incurred recalls" Initiated during c. The Product Recall Limit is the most connection with any deficiency. d. All "product recall connection with subst general harmful co deemed to arise out o or deficiency and "occurrence". e. Any amount reimburi recall expenses" in co one "occurrence" will n of the Product Recall E; Limit available for r "product recall expens with any other defect of f. If the Product Recall EI Limit has been reimbursement of expenses" to an amoun the Product Recall Occurrence Limit, Aggregate Limit is the available for reimburse recall expenses" In col other defect or deficient g. Product Recall Deductib We will only pay for "product recall expens excess of the $500 Deductible. The I Deductible applies sel "covered recall". The II will not be reduced by t deductible. We may, or will if requir or any part of any ded applicable. Upon notic 391-1006 08 16 SECTION II - dicel Expenses ;of Insurance shown In the AGES of this es stated below pay under this Ise Coverage of: or products" ense Aggregate will reimburse "product recall r all "covered ie policy period. ich Occurrence e will pay In one defect or enses" in ly the same n will be same defect idered one for "product Aion with any :e the amount Ise Aggregate )ursement of In connection ense Aggregate reduced by Droduct recall that Is less than Expense Each he remaining lost that will be lent of "product Iectlon with any the amount of o" which are In Product Recall oduct Recall Irately to each Its of insurance amount of this I by law, pay all :tible amount, If of our payment of a deductible amount, you shall promptly reimburse us for the part of the deductible amount we paid. The Product Recall Expense Limits of Insurance apply separately to each consecutive annual period and to any remaining period of less than 12 months, starting with the beginning of the policy period shown In the Declarations, unless the policy period Is extended after issuance for an additional period of less than 12 months. In that case, the additional period will be deemed part of the last preceding period for the purposes of determining the Limits of Insurance. d. The following is added to SECTION II - LIABILITY, E. Liability and Medical Expense General Conditions, 2. Duties in the Event of Occurrence, Offense, Claim or Suit: You must see to it that the following are done in the event of an actual or anticipated "covered recall" that may result in "product recall expense": (1) Give us prompt notice of any discovery or notification that "your product" must be withdrawn or recalled. Include a description of 'your product" and the reason for the withdrawal or recall; (2) Cease any further release, shipment, consignment or any other method of distribution of like or similar products until it has been determined that all such products are free from defects that could be a cause of loss under this insurance. e. For the purposs of this endorsement, the following definitions are added to SECTION II - LIABILITY, F. Liability and Medical Expenses Definitions: 1. "Covered recall" means a recall made necessary because you or a government body has determined that a known or suspected defect, deficiency, Inadequacy, or dangerous condition in "your product" has resulted or will result in "bodily injury" or "property damage". 2. "Product recall expense(s)" means: a. Necessary and reasonable expenses for: (1) Communications, Including radio or television announcements or printed advertisements Including stationary, envelopes and postage; Includes copyrighte materials of Insurance Services Offices, Inc., with Its parmissle n„, RiskMatugementDivisian t. RwExeD & APPRovm BY: ��' Risk Management Malyst