There was something both comforting and disturbing about a conversation I had with a Product Liability wholesale broker. He has a prospect who designs and manufactures commercial slides for waterparks. We talked about the type of claims typically associated with this product liability risk.
He said many designers and manufactures of high-risk products take their products overseas to sell before selling them in the U.S. This is because the cost of a human life is so much lower in some foreign countries. In other words, if an injury oroccurs from their defective product, it’s much less expensive to handle claims in other countries than in the U.S.
Ironically, I was comforted knowing that the products my children are using are much more likely to be safe. This is because companies know that there could be a costly product liability lawsuit or an expensive recall of their products.
While I am happy that my children are safe, I’m sad when insurance premiums make it too expensive for them to have new experiences.
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