6 Largest Products Liability Insurance Suits
6 Largest Products Liability Insurance Suits
Number 6 Product Liability Suit
February 2002
Ford Motor Company Featuring Bridgestone Tires
Product Liability Suit - Faulty Tire Recall
Claim: Faulty Tires Causing Blow Outs, Roll Overs, Injury & Death by Having "Substantial Failure Risk"
Participants: 13.5 Million Vehicles
Individual Payment Range: $200 to $400
Claim Amount: Approx $1,100,000,000
Product Liability Cost adjusted for 2008: $1,285,400,000
Number 5 Product Liability Suit
December 1998
Owens Corning
Product Liability Suit - Asbestos Building Materials
Claim: Asbestos Building Materials Causing Mesothelioma, Cancer & Death
Participants: 176,000 Individuals
Product Liability Claim Amount: $1,200,000,000 - 1.2 Billion Dollars
Product Liability Cost Adjusted for 2008: $1,548,400,000
Number 4 Product Liability Suit
May 1995
Dow Chemical
Product Liability Suit - Silicone Breast Implants
Claim: Silicone Breast Implants Rupture Causing Injury, Bodily Damage, Scleroderma & Death
Participants: 400,000+ Women
Individual Payment Range: $105,000 to $1,400,000
Claim Amount: $4,250,000,000 - 4.25 Billion Dollars
Product Liability Cost adjusted for 2008: $5,863,000,000
Number 3 Product Liability Suit
August 1999
General Motors Corp
Product Liability Suit - Faulty Gas Tank on the 1979 Chevrolet Malibu
Claim: Faulty Gas Tank Caused Fatal Gas Tank Explosions
Product Liability Claim Amount: $4,900,000,000 - 4.9 Billion Dollars
Product Liability Cost adjusted for 2008: $6,183,000,000
Number 2 Product Liability Suit
March 2008
General Motors Corp (Again)
Product Liability Suit - Faulty Chemical Use - Recall
Claim: Dex-Cool Coolant Causing Leaks & Engine Damage
Participants: 35,000,000 GM Customers
Individual Payment Range: $400 to $800
Product Liability Claim Amount: approx $20,000,000,000 - 20 Billion Dollars
Product Liability Cost adjusted for 2008: $20,000,000,000
Number 1 Product Liability Suit
December 2002
Philip Morris
Product Liability Suit - Tobacco Products
Claim: Smoking Sickens & Kills People
Product Liability Claim Amount: $28,000,000,000 - 28 Billion Dollars.
Product Liability Cost adjusted for 2008: $32,720,000,000
What types of products need products liability insurance?
Essentially any product that is put into market or sold in any venue should have products liability insurance. Some examples are food, clothing, tools, energy products, furniture, stationary goods, beverages, baked products, luggage, pet items, heating & cooling apparatus, electronic goods, vehicles, toys (especially).
6 Largest Products Liability Insurance Suits - To learn more about this author, visit Brett Lipton's Website.
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However, from time to time, and lately more frequently, issues arise that cause damages, injury and even death. When they do lawsuits ensue. When several people get involved in the lawsuit, class action lawsuits ensue which have the potential to be catastrophic, often costing manufacturers or their insurance companies millions or even billions of dollars.The following are major instances of Product Liability Claims, and they include recalls. Ironically recalls are often excluded from Product Liability Insurance Policies. Aside from severe cases, product Liability Suits can strike small jewelry designers, toy manufactures, clothing designers & manufacturers and to this day the thundering repercussions of paint manufacturing companies that used lead still echo through real estate owners looking for insurance. The following are the 6 of the largest Product Liability Suits, in order of smallest to largest by claim value adjusted for 2008 inflationary factors.
Number 6 Product Liability Suit
February 2002
Ford Motor Company Featuring Bridgestone Tires
Product Liability Suit - Faulty Tire Recall
Claim: Faulty Tires Causing Blow Outs, Roll Overs, Injury & Death by Having "Substantial Failure Risk"
Participants: 13.5 Million Vehicles
Individual Payment Range: $200 to $400
Claim Amount: Approx $1,100,000,000
Product Liability Cost adjusted for 2008: $1,285,400,000
Number 5 Product Liability Suit
December 1998
Owens Corning
Product Liability Suit - Asbestos Building Materials
Claim: Asbestos Building Materials Causing Mesothelioma, Cancer & Death
Participants: 176,000 Individuals
Product Liability Claim Amount: $1,200,000,000 - 1.2 Billion Dollars
Product Liability Cost Adjusted for 2008: $1,548,400,000
Number 4 Product Liability Suit
May 1995
Dow Chemical
Product Liability Suit - Silicone Breast Implants
Claim: Silicone Breast Implants Rupture Causing Injury, Bodily Damage, Scleroderma & Death
Participants: 400,000+ Women
Individual Payment Range: $105,000 to $1,400,000
Claim Amount: $4,250,000,000 - 4.25 Billion Dollars
Product Liability Cost adjusted for 2008: $5,863,000,000
Number 3 Product Liability Suit
August 1999
General Motors Corp
Product Liability Suit - Faulty Gas Tank on the 1979 Chevrolet Malibu
Claim: Faulty Gas Tank Caused Fatal Gas Tank Explosions
Product Liability Claim Amount: $4,900,000,000 - 4.9 Billion Dollars
Product Liability Cost adjusted for 2008: $6,183,000,000
Number 2 Product Liability Suit
March 2008
General Motors Corp (Again)
Product Liability Suit - Faulty Chemical Use - Recall
Claim: Dex-Cool Coolant Causing Leaks & Engine Damage
Participants: 35,000,000 GM Customers
Individual Payment Range: $400 to $800
Product Liability Claim Amount: approx $20,000,000,000 - 20 Billion Dollars
Product Liability Cost adjusted for 2008: $20,000,000,000
Number 1 Product Liability Suit
December 2002
Philip Morris
Product Liability Suit - Tobacco Products
Claim: Smoking Sickens & Kills People
Product Liability Claim Amount: $28,000,000,000 - 28 Billion Dollars.
Product Liability Cost adjusted for 2008: $32,720,000,000
What types of products need products liability insurance?
Essentially any product that is put into market or sold in any venue should have products liability insurance. Some examples are food, clothing, tools, energy products, furniture, stationary goods, beverages, baked products, luggage, pet items, heating & cooling apparatus, electronic goods, vehicles, toys (especially).
6 Largest Products Liability Insurance Suits - To learn more about this author, visit Brett Lipton's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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