As mentioned previously, “Cost of Failure” refers to the cost to the manufacturer or end-user of the product if the switching component fails. The cost includes not only the cost of the switch component, but also any additional costs incurred, such as service calls, costs to recall a product, and insurance claims resulting from a failed switch. If dealing with a High Cost of Failure application, Honeywell offers “Premium” V7 series MICRO SWITCH™ devices where the cost to replace the switch and service the failure is significantly higher than the price difference between a premium device and a standard switch. Honeywell’s “Standard” V15 series switch products are useful for low cost of failure applications.