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Swiss Re Corporate Solutions will offer contaminated products insurance to manufacturers, retailers and distributors in the food and drink industries in the United Kingdom, Ireland and Italy, the Zurich, Switzerland-based reinsurance company announced Monday.
Offering both primary and excess coverage, the contaminated products insurance cover mitigates the risks of product contamination or failure, Swiss Re said in a statement.
As part of the cover, around-the-clock crisis management support will be provided by RQA Group, a consulting and training firm that specializes in crisis management, product recall, product liability and business continuity planning, according to the statement.
“Through this partnership, Swiss Re Corporate Solutions’ clients will get immediate support in situations involving accidental product contamination, governmental recall, product extortion and malicious product-tampering,” Vince Shiers, managing director of RQA Group, said in the statement. “Our main focus, however, is on lowering the occurrence of such incidents.”
Product contamination has been a global issue. In August, after being forced to recall some infant food products from Chinese store shelves due to excess levels of lead, H.J. Heinz Co. announced its plan to tighten controls over ingredients suppliers in China.
Meanwhile, in March, the 8th U.S. Circuit Court of Appeals in St. Louis ruled that a Liberty Mutual Holding Co. Inc. unit was liable to pay a $1.4 million settlement in connection with the recall of powdered milk that may have been contaminated with salmonella.
(Reuters) — Beef Products Inc. will reopen a Kansas processing plant on Monday to boost production of "lean finely textured beef," which critics call "pink slime," as wholesale beef prices soar with a shrinking U.S. cattle herd.