Although 85 percent of respondents have not been affected by reports of defective products from China and other countries, 41 percent are taking action to avoid a products liability event. One in four are implementing new policies and procedures to qualify suppliers. Companies are testing imported products (13 percent) and requiring foreign suppliers to carry products liability insurance in the U.S and Canada (10 percent). Fewer companies have halted importing certain products and components or have changed or stopped using foreign suppliers.
Nearly one in four companies have experienced a directors and officers liability, employment practices liability, fiduciary liability, or errors and omissions loss overseas.
The 2008 Chubb Multinational Risk Survey was conducted in February and March 2008 by Opinion Research Corp., a worldwide research and consulting firm in Princeton, N.J., and the Chubb Group of Insurance Cos. in Warren, N.J. The Internet survey queried chief executive, operating and financial officers and risk managers at 212 U.S. companies.
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