The first generation of new, state-of-the-art, best-practices-based liability insurance designed exclusively for the dietary supplement industry, called the Platinum Program, will be introduced at a public session at the upcoming Natural Products Expo West conference and trade show in Anaheim, Calif.
The program launch is Thursday, March 5, from 9 to 9:30 a.m., in the Platinum 4 room at the Anaheim Marriott Hotel. All supplement manufacturers, own-brand holders and ingredient suppliers are invited to learn more about this important program with coverage levels much higher than previously available—up to $20 million.
The first-of-its-kind insurance program is a special project of Chicago-based, wholesale insurance broker RT Specialty in cooperation with the United Natural Products Alliance (UNPA).
"RT Specialty and UNPA have collaborated and consulted with industry and insurance thought leaders over the past year to define and deliver this innovative insurance program, which is designed to advance the quality of the dietary supplement industry,” said Michael Garofalo, senior vice president, National Life Science Practice, for RT Specialty.
The Platinum Program is based on four distinct best-practice principles:
- Insurance risk management
- Dietary supplement industry organizational, regulatory, compliance and analytical standard-operating procedures
- External third-party certification
- Oversight of social media and Internet operations
Complete implementation of and fidelity to the integration of these best practice principles can qualify a dietary supplement company for the Platinum Program.
“UNPA’s mission includes a focus on safety, science and quality—and now best practices—by providing both opportunities and incentives for companies to distinguish themselves as leaders in quality and practices. This, in turn, has resulted in the best insurance product ever available to the U.S. dietary supplement industry,” said Loren Israelsen, UNPA president. “An analogy is the 'good driver' discount: proven competence and a good track record give drivers access to superior insurance coverage. The Platinum Program provides best-in-class companies such insurance, as well as a way for them to be identified as best in class.”
Garofalo, Mark Wood from Life Science Risk and Israelsen will introduce and explain the new program, its benefits to prospective insureds and the strategic value this holds for dietary supplement companies.