Significant Product Recalls Cost Nearly $12 Million in Liability Claims

accident attorneys in Columbus, Ohio

 

Accidents can happen and involve a number of different things. People collide into one another with their vehicles, boaters sometimes fail to pay attention and crash into another boater, and bike riders are run off the roadway by an aggressive driver who refuses to follow bicycle laws. While these are some of the more common types of accidents we read about on news source sites, we can’t forget about those involving products. There are many products that are put out into the market for consumers to purchase that not only become a hazard but cause some serious damage, not to mention injuries to those who happened to be using the product.

One of the most recent incidents that made headlines for a while was the Samsung Galaxy Note 7 as it was known not only for the perfect pictures it took but for the fact that is was exploding. Airlines even had to issue a statement notifying passengers who had planned to fly with them that they couldn’t bring this particular phone if that’s the one they were currently using. But the truth is, faulty products are produced all the time, which has cost millions of dollars in liability claims. Property Casualty 360 highlighted that an analysis conducted by Allianz Global Corporate & Specialty (AGCS), Product Recall: Managing the Impact of the New Risk Landscape, “found that defective product-related risk is the single largest driver of liability claims.”

It was also noted that financial and safety risk recalls have cost insurers more than $2 billion over the last five years. Many individuals whose property has become damaged or find themselves injured from a product turn to litigation in hopes of getting the compensation they need to either cover medical expenses or repair or replace their property.

 

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If you were injured by a defective product, an accident lawyer in Columbus, OH can help determine which parties are liable for your injuries and the steps you need to take to recover compensation.

If you were recently involved in an accident with a faulty vehicle or a product harmed you or a family member, you may be entitled to collect compensation for this unfortunate incident that has arisen. Columbus, Ohio accident attorney E. Ray Critchett is a qualified lawyer who can provide you with the information you might need so that you can get the compensation you deserve.  You can contact this firm now by calling 740-282-5393.

 

Top Product Recalls That Cost Nearly $50 Billion

 

  • Exploding phones in 2016
  • Airbag errors in 2015
  • Auto-ignition issues and other flaws in 2014
  • Hip Hiccups in 2010
  • Faulty pedals in 2009
  • Peanut contamination in 2008
  • Arthritis drug recall in 2005
  • Arthritis drug recall in 2004

 

Interested in knowing which industries have the most product recalls? AGCS took the time to examine 367 claims from 28 countries all from different industries. When the claims were examined, this is what they came up with:

 

  • Automotive/Industrial Supplier- 42%
  • Food and Beverage- 18%
  • Domestic Appliances- 10%
  • Retail- 7%
  • Medical-6%
  • IT/Electronics-5%
  • Manufacturing/Packaging- 5%
  • Transportation/Logisitcs-2%

 

While some product recalls are issued before someone gets hurt, there are plenty of times where the company waited too long or simply didn’t know. If you are one of these unfortunate victims, E. Ray Critchett, LLC in Colubmus, OH is ready to determine if you have a viable personal injury case on your hands.


By | 4:50 pm | Categories: Accident News | 0 Comments

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