Underwriters' Laboratories of Canada (ULC)
Definition - What does Underwriters' Laboratories of Canada (ULC) mean?
The Underwriters' Laboratories of Canada (ULC) is a non-profit company that performs safety inspections on a wide range of products. The ULC establishes safety standards that are used in many industries. Many business insurance companies will make sure a business complies with the ULC before agreeing to insure it.
Insuranceopedia explains Underwriters' Laboratories of Canada (ULC)
Product safety is a very significant issue in insurance because a faulty or unsafe product can result in an injury that costs companies and insurers millions of dollars through lawsuits. For example, a company that manufactures a defective computer model that randomly explodes could quickly find itself facing many personal injury lawsuits. The Underwriters' Laboratories of Canada functions as a sort of quality control measure for products and its approval can be used by business insurers as a mark of insurability.