Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has introduced a new LIU Product Recall policy for packagers and co-packers.
The policy, called LIU Packagers Protection, has been designed for those who specifically involve in packaging and co-packing of topical and ingestible products.
LIU’s new policy offers a form with product recall, product contamination or manufacturing errors and omissions as the potential trigger.
The policy is said to be custom tailored for a range of the packaging industry, including manufacturers of packaging for food, beverage, pharmaceuticals and personal care (topical and ingestible products).
According to LIU, the policy is also beneficial for co-packers, fillers and mixed operations that may include both packaging and processing.
LIU Global Crisis Management senior vice president Louis Lubrano said that the new policy is a combination of broad triggers and cover for third-party loss of earnings.
"Packagers and co-packers have significant exposure from third-party financial loss due to the nature of their business," said Lubrano.
The new policy also includes crisis management firm red24 with which the LIU policyholders can avail specialized loss control engineering and loss mitigation services.
LIU, with the support from red24, helps brokers in securing the coverage that can protect their clients’ employees, operations, and reputation before, during and after a crisis.