Wells Fargo Introduces California Prop 65 Insurance Program
Wells Fargo Insurance announced that it will introduce the industry's first California Proposition 65 Insurance Program.
California Proposition 65 (Prop 65) was introduced as the Safe Drinking Water and Toxic Enforcement Act of 1986, and requires the state of California to publish a list of chemicals known to cause cancer or reproductive health issues. The list has grown every year since its inception, and now includes approximately 800 chemicals.
According to a press release, Wells Fargo's insurance plan provides financial protection to manufacturers, distributors and formulators of products that contain any of the six phthalates plasticizers listed in Prop 65, which are the following:
Under the new program, companies can mitigate risk by getting coverage that protects them from penalties, settlement costs—which can exceed $80,000—and fines—which can be as much as $2,500 per day. The coverage is provided by Safehold Special Risk Inc., a division of Wells Fargo Insurance.
For more information on Wells Fargo Insurance, visit www.wellsfargo.com/insurance