There are many important aspects of the Uniform Act that have not been discussed herein including provisions on assumption of risk, punitive damages," and contribution among joint tort feasors. Nevertheless, the examples that have been given show that it is a law that attempts to balance the interests of product users and sellers. It is the Department's hope that state legislatures will give it serious consideration and that it will help bring about uniformity in the key areas of product liability law. As long as courts can retroactively create new and unprecedented product liability law, the specter of future product liability crises will continue. Statutory uniformity in key areas of product liability law can stabilize product liability insurance ratemaking and serve as a bulwark against such crises. In conclusion, it is the Department's view that the Uniform Product Liability Act will help stabilize product liability rates and premiums. The Risk Retention Act will help assure that commercial insurance rates, now and in the future, are set on a truly competitive basis. It is clear that the Uniform Product Liability Act and the Risk Retention Act are synergistic; each will help make the other more effective. The remedies can end the product liability problem for product sellers without compromising consumer rights.
Victor E. Schwartz,
The Uniform Product Liability Act--A Brief Overview,
33 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol33/iss3/2