Neway brand valve products are gaining acceptance world wide. Major end user companies now have thousands of Neway valves installed in a variety of applications. However, along with their growing success comes greater liability risk. In order to manage this risk Neway recently reached an agreement with Allianz, a German-based insurance company. Starting from July 2007, Neway products are backed up by a USD 10 million product liability policy. The product liability policy covers product sales for the domestic and international markets. “Unlike the OEM business, we are selling our own brand: Neway, therefore we face a more direct end user demand for product quality and safety. The product liability coverage will reduce our financial risk and give our customers greater confidence when they purchase products manufactured by Neway. We believe this product liability policy will bring us the value of long term company health and minimize our financial risk during this period of sustained growth”, said Mr David Wang, President of Neway Valve.
