What is Known Product Hazard | Insurance glossary by upcover

A Known Product Hazard is a risk, danger, or defect in a product that is known or should reasonably be known to the manufacturer, supplier, or distributor. Knowledge of a product hazard triggers heightened duties to warn consumers, implement design changes, or in serious cases, initiate product recalls. Failure to act on known hazards may result in punitive damages and regulatory action in addition to compensatory liability.

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Related Term

Crisis Management Cover (Strata)

Business Continuity & Emergency Cover (Business Pack)

Crisis Management & Reputation Protection (Business Pack)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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