Child Safety Alarm (MO)
Posted: Wed Aug 08, 2012 6:09 am
Hi. I am looking for advice on how to get a safety product insured. I am trying to bring a product to market that sets off an alarm if a child is left in a hot car. I've gone through the patent slog already. Now I am trying to get funding for product development, only to find that without product liability insurance no one will lend me enough money to develop the product. I can't make a prototype without ~$10,000, and without insurance I can't get a loan approved. Kind of a Catch-22.
I have talked with several agencies already and have been told my idea is basically too risky to insure. If it doesn't work and a child dies then I will probably sued (as if I had caused the death instead of the parent that left the kid in the car).
I found this forum and it seemed a good place to ask for advice (outside of the buyer/agent relationship). It seems strange to me that in the US you can sell assault rifles without liability but safety products are difficult to get insured, since someone somewhere might experience product failure. Any opinions or advice?
I have talked with several agencies already and have been told my idea is basically too risky to insure. If it doesn't work and a child dies then I will probably sued (as if I had caused the death instead of the parent that left the kid in the car).
I found this forum and it seemed a good place to ask for advice (outside of the buyer/agent relationship). It seems strange to me that in the US you can sell assault rifles without liability but safety products are difficult to get insured, since someone somewhere might experience product failure. Any opinions or advice?