Article of [The Highest Glory • Natural Products]
Case 1 – Fire caused by decorative lights
In August 2001, a case of fire in Texas, United States, was suspected to begin with the ignition of Christmas trees which resulted in a child death whereas a mother suffered from burns. The parent of the dead child sued the manufacturer to court.
Outcome: In January 2002, the case reached a settlement of US $3 million.
Case 2 – Choking on jelly
In May 2003, a nine years old girl in California, had choked on jelly and slipped into a coma due to severe cerebral hypoxia. She then went into a vegetative state. The parents of the girl filed a complaint and sued the manufacture and vendors to court.
Outcome: The court ruled that the jelly manufacturers has to pay the family of the girl US $10 million dollars.
Case 3 – Tragedy caused by wire
In Texas, United States, a family was cooking using the slow cooker when the child ran to the kitchen to play. The curious child saw the coloured wire on the floor and pulled out the wire. The child was badly scalded by the piping hot soup.
Outcome: The manufacturer was responsible for this incident due to their appliance’s coloured wire being different from the regular black or white coloured wire, which excited the child’s curiosity to pull the wire. The court ruled that the manufacturer has to compensate the victim approximately US $2 million.
All three cases above are some examples regarding product liability. You might be wondering why is product liability that strict. Enterprise that deals with import and export, and manufacturing of consumer products in particular, should highly value the importance of product liability risk. Exports to United States, Canada, Australia and Europe may possess higher product liability risk, which may cause enterprise to face litigation, suffer huge losses, and even bankruptcy.
What exactly is product liability insurance?
Product liability insurance is a policy that covers legal liability of the insured and protects businesses from financial loss. The insurance company will assess the risks and may quote a loading to the premium to insure that risk. No insurance company would accept the insured if their product often does not meet the requirements and possesses high safety risks.
It is known that when people apply for life insurance, most insurance companies require a medical examination to ensure insured is in good health. It would be difficult for insurer to accept the application if one’s health is in poor condition. The same applies to product liability insurance. Therefore, it is important for an enterprise to become a good growth company with high quality products in order to be insured.
Hsiehs Bioetch has been insured by Fubon Insurance with US$5,000,000 of product liability insurance!
Since May 5th, 2017, Hsiehs Biotech has increased the insured amount of Golden Lypres®
to 10 million US dollars!
The ability to receive such huge amount of product liability insurance shows that Hsiehs Biotech holds great potential for economic growth, good quality product and excellent service system. Hsiehs Biotech is based in Singapore that manufactures gold product – Golden Lypres®. It uses all natural plant ingredients and has brought Hsiehs Biotech to become a multinational enterprise. Golden Lypres® obtained numerous patents and certifications showcasing high technology, material safety, good product quality and its remarkable effects to health. Furthermore, Hsiehs Biotech has an outstanding Research & Development team with professors coming from the globe and a well modernized food hygiene and sanitation programme which strictly controls the quality of the product. Most importantly, Hsiehs Biotech believes in integrity, care, and gratitude and will continuously study and develop fine products to enhance human health, and desire to grow into a world leading company in global health industry, becoming the best partner for consumers around the world.
Hsiehs Biotech has insured a product liability insurance to provide high quality and safe product and protect the interests of consumers. Moreover, it will act as a strict requirement for the manufacture and sales of quality product.
Hsiehs Biotech’s GOLDEN LYPRES® has obtained ISO22000, GMP and HACCP certification from world recognized accreditation body and successfully insured by the insurance company. Till today, Hsiehs Biotech has no issues regarding product safety.