Product Liability Reform Act of 1987

Product Liability Reform Act of 1987 - Title I - States that this Act governs any civil action brought against a manufacturer or product seller for harm caused by a product. Supersedes any inconsistent State law applicable to recovery in such actions. States that U.S. district courts shall not have jurisdiction over civil actions pursuant to this Act. Title II - Establishes the National Commission on Product Liability Awards to: (1) compile, evaluate, and publish information on current product liability awards; and (2) provide guidance in developing jury instructions and in modifying jury awards. Authorizes appropriations. Title III - Allows any person seeking recovery for harm caused by a product to bring a civil action against the product's manufacturer or seller. Establishes uniform standards for punitive damages awards and liability for noneconomic losses. Allows punitive damages to be awarded, if permitted by applicable law, where the claimant establishes by clear and convincing evidence that the harm suffered was the result of conduct manifesting the manufacturer's or seller's intentional or conscious disregard for the safety of persons who might be harmed by the product. States that the liability of each defendant for noneconomic loss shall be joint and several (unless any defendant's liability for such loss is substantially disproportionate to the liability for the entire loss, in which case such defendant's liability shall be several only). Allows the court, in a civil action brought under this Act, to: (1) set aside the verdict where the amount of compensatory damages is found to be excessive or inadequate, unless the affected parties agree to modification; and (2) set aside that portion of a verdict attributable to punitive damages found to be excessive, unless the affected parties agree to modification.