products-guarantee insurance

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An insurance policy covering financial loss as a consequence of a fault occurring in a company's product. A product-guarantee claim would be made, for example, to pay for the cost of recalling and repairing cars that are found to have a defective component. This type of policy would not pay compensation to customers or members of the public injured as a result of the defect. Such claims would be met by a products-liability insurance.

Subjects: Financial Institutions and Services.

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