Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has introduced its new LIU product recall policy for packagers and co-packers.
Called Packagers Protection, the policy has especially been prepared for packagers and co-packers of topical and ingestible products, to help them to combat incidents like product recall, product contamination or manufacturing errors & omissions as the potential trigger.
The policy can be customized for an array of use in packaging industry, such as packaged food manufacturers, beverage, pharmaceuticals and personal care as well as co-packers, fillers and mixed operations that may include both packaging and processing.
LIU Global Crisis Management senior vice president Louis Lubrano said, "Packagers and co-packers have significant exposure from third-party financial loss due to the nature of their business."
"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."
Crisis management firm, red24 is an integral part of this new policy that offer LIU policyholders with specialized loss control engineering and loss mitigation services.
Leveraging red24 capabilities, LIU enables brokers to secure the coverage that can protect their clients’ employees, operations, and reputation before, during and after a crisis.
Boston-based Liberty Mutual Insurance had $120.1bn in consolidated assets, $101.5bn in consolidated liabilities, and $36.9bn in annual consolidated revenue, as of 31December 2012.