LifeScienceRisk (LSR) a Chicago-based insurance company today announced that is introducing a proprietary Proposition 65 coverage for the Dietary Supplement industry. LSR is the first to deliver this specialty insurance product, offering tailored coverage by a separate insurance policy that can be bundled with LSR's Core Liability coverages.
The stand alone Proposition 65 (Prop 65) coverage includes six chemical elements that may be found in dietary supplements and herbal products. LSR provides a full-service platform for this inventive coverage, which includes client specific service, tailored coverage forms, and collaborative risk assessment. Prop 65 coverage was developed in collaboration with Lloyd's syndicates who represent AM Best Security of "A+XV" and is distributed through select retail and wholesale brokers who recognize their client's risk in this evolving space.
Mark Wood, President of LifeScienceRisk, commented, "I am thrilled to introduce this essential coverage to the dietary supplement industry. The team at LSR conducted extensive research to understand, develop and create a specialty insurance solution to meet an expressed need for our clients in this space."
LSR worked with Lloyd's to introduce this new coverage to the marketplace with a choice of limits and deductibles that can fit almost any budget. LSR has the underwriting experience and the resources to work with innovative start-up ventures to large, sophisticated companies with global operations.
It has been difficult for companies to obtain liability insurance for potential Proposition 65 lawsuits or liability. In the past few years, a few insurance companies have attempted to offer coverage to specific industries such as Wells Fargo, which introduced coverage to plastics companies for potential exposures to phthalates early last year.
LifeScienceRisk is a series company of RSG Underwriting Managers, LLC. LSR specializes in underwriting and providing Product Liability, Error and Omission Liability, General Liability and Cyber Liability for Life Science companies engaged in discovery, development, manufacturing, distribution and promotion of products comprising Pharmaceuticals, Medical Devices, Biotechnology and Dietary Supplements, as well as compounds and medical devices in Human Clinical Trials. www.lsrisk.com
For more information please contact Michael Garofalo, Product Development Director, LifeScienceRisk.