This paper provides an overview of an approach to consider as a solution to an outrageous court verdict in a product liability lawsuit in the aviation industry. The free, 4-page paper is written by the Aircraft Builders Council.
A jet manufacturer, a jet engine manufacturer, an avionics manufacturer, a hydraulics manufacturer, an Inflight Entertainment Systems manufacturer, and other manufacturers of smaller components have equal chances of being sued for aircraft design issues and product failures in the event of a plane crash. Proactively preparing for the worst-case scenario is a step in the right direction if aircraft products manufacturers and their risk managers want to avoid a litigation nightmare.
The Aircraft Builders Council, a 60-year-old institution based in London, England, provides many services within their program that helps their insureds to be prepared before and after a loss occurs. Aircraft Products Liability Insurance is an affordable insurance for most aircraft product manufacturing businesses that provides a risk financing tool that mitigates financial loss for aircraft and space mishaps.
Know more about this unique product offering in the aircraft products liability arena by reading this white paper.
Having a plan in place is important so risk management and the liability team can determine what steps should be taken based on new information and developments. A realistic assessment of liability has to be done to include damages and exposures at various points throughout litigation to continually be informed and to be able to make informed decisions along the way.