Liberty International Underwriters (LIU) has announced the launch of a new LIU product recall policy for packagers and co-packers.
The new LIU packagers protection policy is designed specifically for packers of topical and ingestible products such as food, drinks, pharmaceuticals and personal care. It offers a form with product recall, product contamination or manufacturing errors and omissions as the potential trigger.
The policy is also meant for fillers and mixed operations that may include both packaging and processing.
LIU Global Crisis Management senior vice president Louis Lubrano said that due to the nature of their business, packagers and co-packers have exposure from third-party financial loss.
"The combination of broad triggers and cover for third-party loss of earnings lets us respond to this exposure in a way that is not currently offered anywhere else in the market," Lubrano added.
The crisis management firm red24 is also an integral part of the policy. It provides specialised loss control engineering and loss mitigation services to LIU policy holders.
LIU offers a wide range of insurance products and services, and has more than 900 offices throughout the world. It helps brokers secure the coverage that can protect their clients' employees, operations, and reputation before, during and after a crisis, with the help of red24.