A critical study of product liability and analysis with special reference to India

Abstract

Consumers have legal redress for any harm brought on by a faulty product under product liability law. According to estimates, faulty items have a detrimental impact on millions of individuals throughout the world, and the sellers or producers wind up shelling out a sizable sum for products-liability insurance as well as damages. A product must satisfy a consumer's reasonable expectations, thus it is the duty of the producers and the buyers to guarantee the product's safety and quality in accordance with its description. A modest way of life and locally produced goods meant that anybody who experienced harm from a faulty product could deal with the maker directly without the need for legal action or government regulation. However, owing to the growth in problems emerging from faulty goods, changes in the instruments of production and consumption, such as the industrial revolution and technical advancements, among others, have led to the establishment of products-liability law. To safeguard the rights of its customers and the general public at large, India is recognising and realising the need of developing and implementing a strong product liability framework. In specifically, the article addresses the importance of product liability and professional indemnity insurance plans in India as well as some significant developments and their impact on liability insurance. The Act's whole chapter devoted to product liability provides insight into the anticipated effect on liability insurance.