The Platinum Program is the first generation of state-of-the-art, best practices-based liability insurance designed exclusively for the dietary supplement industry. It is available to companies 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(s)
• 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, which can result in increased coverage levels and potential savings on premiums.
“We recently completed the application process and obtained the significant benefits of this program—including a nearly 25 percent reduction in our product liability rates—for both ENI and GoldenGate Nutritionals Inc., our encapsulation and packaging division,” said Cal Bewicke, ENI’s CEO. “There is no doubt that the NSF-111 certification that we maintain on both divisions was very helpful in complying with the requirements for the program.
“We would absolutely recommend the Platinum Program to other industry companies,” Bewicke added, noting that companies will need to have a documented quality assurance program and strong standard operating procedures in place to qualify.
“Cal and his company continue to make meaningful investments in GMP compliance, including in-house testing and its NSF 111 certification, and their efforts have been acknowledged and rewarded by their acceptance in the Platinum Program,” said Loren Israelsen, UNPA president. “ENI’s participation is evidence of its commitment to quality standards to help ensure that its customers and end-use consumers have access to safe and reliable dietary supplement products.”
“With the increased oversight of the industry by regulators, as well as by suppliers, vendors, distributors and retailers, and increased scrutiny by the media, ENI’s participation in the Platinum Program is evidence that best practices are very good for business and the bottom line,” said Michael Garofalo, senior vice president, National Life Science Practice for RT Specialty. “Our goal is to assist and advance the risk profile and supply-chain process and therefore enhance the quality of the dietary supplement industry. ENI is evidence that the Platinum Program can partner with companies to do exactly that.”