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 The leading web portal for pharmacy resources, news, education and careers April 26, 2018
Pharmacy Choice - Pharmaceutical News - AHPA and LifeScienceRisk Develop Prop 65 Insurance Coverage for the Dietary Supplement Industry - April 26, 2018

Pharmacy News Article

 4/12/17 - AHPA and LifeScienceRisk Develop Prop 65 Insurance Coverage for the Dietary Supplement Industry

SILVER SPRING, Md., April 10 The American Herbal Products Association issued the following news release:

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.

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