The American Herbal Products Association (AHPA) and LifeScienceRisk (LSR) announced today a California Proposition 65 (Prop 65) coverage for the herbal product and dietary supplement industries. The insurance product developed by AHPA and LSR offers tailored coverage by a separate insurance policy that can be bundled with other LSR insurance coverages.
AHPA's comprehensive analytics on Prop 65 legal actions associated with herbal and dietary supplement products informs association members about recent trends and helps them maintain compliance. AHPA provided this data to LSR to help launch this innovative insurance coverage.
The standalone 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. The 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.
"AHPA members and the herbal and dietary supplement industries will benefit from this state-of-the-art insurance program and we appreciate LSR's work to develop and implement this program," said AHPA President Michael McGuffin. "This insurance is especially valuable considering the significant attention to Prop 65. However, this insurance will never be a substitute for AHPA members' ongoing commitment to quality."
Mark Wood, President of LifeScienceRisk, commented, "Today I am thrilled to introduce this essential coverage to the dietary supplement industry. The team at LSR, with the aid of the American Herbal Products Association (AHPA) and its President Michael McGuffin, 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 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.
For more information about this innovative program, please contact Michael Garofalo, Product Development Director, LifeScienceRisk, Mike.Garofalo@lsrisk.com. 312.366.3158
About the American Herbal Products Association
The American Herbal Products Association (AHPA) is the national trade association and voice of the herbal products industry. AHPA is comprised more than 400 domestic and foreign companies doing business as growers, processors, manufacturers, and marketers of herbs and botanical and herbal products, including foods, dietary supplements, cosmetics, and non-prescription drugs. Founded in 1982, AHPA's mission is to promote the responsible commerce of herbal products. For more information, visit www.ahpa.org
About LifeScienceRisk
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, and Biotechnology, Dietary Supplements as well as compounds and medical devices in Human Clinical Trials. lsrisk.com
About RSG Underwriting Managers
RSG Underwriting Managers, LLC (RSGUM) is the managing general underwriting division of RSG and consists of a series of specialty property and casualty managing general underwriters (MGU). Each MGU provides expertise in distinct challenging market niches. RSGUM provides centralized governance, shared services, and executive oversight to its specialty underwriting businesses. In California: RSG Insurance Services, LLC, Lic. #0E50879. ryansg.com/RSGUM