Products liability.A section of tort law A body of rights, obligations, and remedies that is applied by courts in civil proceedings to provide relief for persons who have suffered harm from the wrongful acts of others. that determines who may sue and who may be sued for damages when a defective defective adj. not being capable of fulfilling its function, ranging from a deed of land to a piece of equipment. (See: defect, defective title) product injures someone. No uniform federal laws guide manufacturers' liability, but under strict liability, the injured party Noun 1. injured party - someone injured or killed in an accident casualty victim - an unfortunate person who suffers from some adverse circumstance can hold the manufacturer responsible for damages without the need to prove negligence negligence, in law, especially tort law, the breach of an obligation (duty) to act with care, or the failure to act as a reasonable and prudent person would under similar circumstances. or fault Top U.S. Writers Direct Premiums Written 2003 ($ millions) Zurich/Farmers Group [18549] St Paul Cos [00080] American Intl Group Inc [18540] Chubb Group of Ins Cos [00012] Markel Corporation Group [18468] W. R. Berkley Group [04655] Liberty Mutual Ins Cos [00060] Berkshire Hathaway Ins Group [00811] CNA Ins Cos [18313] Travelers P&C Group [18358] Note: Table made from bar graph. Source: Best's State/Line Database (Standard Lines) Direct Premiums U.S. Industry ($ billions) [GRAPHIC OMITTED] Combined Ratio U.S. Industry [GRAPHIC OMITTED] Source: Best's Aggregates & Averages |
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