NutraRisk can also place risks, in the eight states where recreational cannabis is legal, in another new and expanded Recreational Cannabis Program. In addition to these new General Liability Products, they can now provide a Crime option for the cannabis industry as well.
These programs represent some of the most tailored insurance coverage available for cannabis, CBD and hemp manufacture and sale.
“These insurance products are not yet mainstream, and the regulatory landscape is challenging. The cannabis industry at large faces significant challenges in finding comprehensive coverage,” says Morgan Moore, Life Science Practice Leader at NutraRisk. “Many carriers hesitate to write these exposures and those that do often have very restrictive exclusions.”
NutraRisk has partnered with a few carriers that have decided that now is the time to enter into this sector and provide coverage for the various types of exposures. Coverage options include General and Product Liability up to $2 million, as well as Excess Liability up to $5 million. The approved classifications include (but are not limited to): cultivation - indoor, greenhouse, and outdoor operations, dispensaries / retail shops, growers, laboratories, transporters, recreational and medicinal marijuana.
“There are huge opportunities for retail insurance agents to increase their presence in this untapped and growing market,” Moore adds. “NutraRisk continues to partner with the innovative insurance carriers who are willing to explore cannabis coverages. Our Cannabis team consists of Casualty, Property and Financial Service Brokers who specialize in this space and have proprietary coverages available that are inclusive of the risks involved.”
“The cannabis industry represents the most tangible Crime risk in the history of insurance,” says Brian Savitch, Financial Services Specialist at NutraRisk. “With no banking solution in sight, this will remain a cash business. Unfortunately, most businesses have no idea that their cash on hand is insurable or that this type of insurance even exists.” Savitch adds, “Fortunately, we’ve partnered with a carrier, that is committed to cannabis, to offer a proprietary Crime product that will help bring peace of mind to cannabis business owners.”
Brian Savitch has an extensive background in D&O, E&O and Cyber. Over the past two years he has focused that expertise on the cannabis industry. Expect these ancillary lines to come to the forefront as sophisticated investors push insureds to properly round out their corporate insurance portfolios.
About NutraRisk
NutraRisk is a wholesale insurance broker and program manager offering insurance coverage for the nutraceutical and dietary supplement industry. A division of Worldwide Facilities, LLC, NutraRisk offers innovative insurance solutions for the emerging cannabis nutraceutical industry. Headquartered in Los Angeles, CA, NutraRisks’ insurance specialists bring more than 70 years of combined experience in the insurance industry. NutraRisk provides coverage in all states where Cannabis and CBD oils are legally manufactured and distributed. For more information on NutraRisk, visit nutrarisk.com.