INSURANCE MAGS: Looking for low cost Product Liability insurance.

[lobstahmeatwad]

Anybody want to give me a low cost option for an extremely low risk manufacturer in MT?
We are looking to do some sales to a company that requires general product liability.
We make skis, the same way the major guys do, hi pressure compression molding with heat and heavy weight glass and hardwood cores.
Skis don't magically just explode and certainly not what we make.
We don't mount bindings, we have an indemnified shop mount for us.
Under 50 pairs a year.
We dont make snowboard either.
Anyone licensed in MT who can give me a reasonable bid? I'm getting like over 5K a year for quotes. Not something we can afford right now.
Maybe after we make this agreement we can afford to pay more but not until taht happens.
We make custom skis not a line of skis.
PM me if you can help

[AdironRider]

I dont think its up to you to determine how risky you are.

[GeezerSteve]

Good luck. The pool of product liability underwriters is very limited. It's quite possible that the quotes you've gotten, although from different brokers, all involve the same underwriter.

Is there an industry-endorsed PL coverage option? When I was in the bicycle framebuilding biz, there was an affordable PL insurance program sponsored by one the bicycle trade groups.

Also, have you engaged an attorney re other means to address potential product liability claims?

[lobstahmeatwad]

I'm not sure about industry standard options. There isn't like a guild or trade group of skibuilders but there should be, at least that I know of. Both Splat and Iggy have given me some names and those quotes include all sorts of policy's for mounting and demo and umbrella policies and whatnot. Not sure who is industry standard for PL.
I am low risk. Not issuing a decree but its the case fo sho.
Currently we have a 4 page waiver we have had lawyers look at, that should protect us against claims should something happen but it cant really.
Most likely the quote is just blindly issued without specifics to company or actual liability its just based on the fact its a sports product and that carries a certain number.
Someone wants to take my money and not have to worry about anything happening right?

[shirk]

http://www.rpsins.com/locations/poul...28rps-nipc%29/

http://whitaker-myers.com/specialtie...ous-specialty/

Info comes from hand made bike builders here.

[GeezerSteve]

Currently we have a 4 page waiver we have had lawyers look at, that should protect us against claims should something happen but it cant really.

Not sure what you are trying to say here. A 4-page waiver? I've drafted lots of warranty disclaimers and limitations of liability. But 4 pages? Don't confuse warranty disclaimers and limitations of liability provisions, which are governed by contract law, vs. (attempted) waivers of products liability, which would be governed by tort law. Apples vs. oranges. UCC Article 2 allows warranties to be limited and/or disclaimed and damages to be limited as a matter of contract. But, as a general rule, one cannot contractually end run around products liability tort exposure if your product is found to be dangerously defective and the defect results in physical harm to the consumer (or, in some cases, a remote user). Products liability is usually a matter of state law, and varies somewhat from state to state. Disclaimer: This is merely an observation by an internet poster. This is not legal advice. I am not your lawyer.

Most likely the quote is just blindly issued without specifics to company or actual liability its just based on the fact its a sports product and that carries a certain number.

No, not true. Underwriting of products liability coverage is done with reference to history of payouts and other actuarial data. Underwriters have huge amounts of data, including data specific to settlements, verdicts and defenses costs re ski products. Although the risk of occurrence of a claim may be relatively low, if a supportable claim is made it may have the potential of high defense costs and high payout.

[irul&ublo]

Disclaimer: This is merely an observation by an internet poster. This is not legal advice. I am not your lawyer.

Of course not. You're a dentist.

If you can't find coverage, you may be able to minimize personal risk by choosing an appropriate entity form to opertae the business. Contact a lawyer (not a dentist) in your state.

[Conundrum]

Where in Montana? I have some friends over there that are pretty good I could maybe connect you with.