Chicago, August 15, 2018 - PRESS RELEASE - Hub International Limited (HUB), a leading global insurance brokerage, has announced the launch of its comprehensive cannabis insurance and risk services, an offering under its Agribusiness & Farm Specialty Practice, to provide medical and recreational cannabis producers, distributors and retailers proper protection and specialized solutions to reduce risks in all aspects of their operations.
“Cannabis is a thriving business, and there is a strong appetite to debunk common misconceptions of the industry, understand the risks and obtain proper and adequate insurance coverage,” said Joshua Smart, practice leader, HUB Agribusiness & Farm Specialty Practice. “At HUB, we are offering a comprehensive insurance solution for businesses in the U.S. and Canada. We have a deep knowledge of the cannabis industry to insure its unique risks, so that our clients can continue to grow and thrive.”
Although marijuana is still illegal under U.S. federal law, 29 states, plus the District of Columbia, Guam and Puerto Rico, have legalized it for medicinal purposes, and eight states allow it for recreational use. Additionally, recreational marijuana has recently taken its place next to medical marijuana in being legal in Canada. In fact, Canada has nearly 100 cannabis producers.
Currently there are 26 carriers that are insuring the cannabis industry in one way or another. HUB is working with standard and surplus lines carriers that are A rated--diligently insuring the industry in the best way.
HUB’s cannabis insurance and risk services will be managed by TJ Frost, U.S. Cannabis Segment Leader, and Phaedra Andrusiak, Canada Cannabis Segment Leader.
“There is a huge misunderstanding in the cannabis industry about insurance coverage, which leaves businesses underinsured or even uninsured,” said Frost. “Proof of insurance demonstrates operational maturity and is a key step in establishing ongoing financial and banking relationships, which clients need to keep growing their business.”
HUB is offering this emerging industry customizable insurance solutions and risk services, including the following:
- General and Product Liability insurance
- Employee Practices Liability and Directors & Officers insurance
- Crop insurance
- Workers’ Compensation cost and safety management
- Transportation insurance and fleet safety management
- Crisis coverage, including crime and cyber attacks
- Risk management and regulatory compliance assistance
- Operational hazard and site security assessments
- Claims management and advocacy services
- Employee benefits strategic planning and compliance
“The cannabis industry continues to change at an unprecedented rate with the advancements in medical use and the legalization of recreational use, which is opening the door to a fast-growing marketplace, and booming risk factors and operational pressures,” said Andrusiak. “HUB is the trusted advisor that has truly taken the time to understand this industry and is committed to providing relevant support and solutions to our clients.”
As part of HUB’s recently announced Specialty Practices, Cannabis insurance demonstrates the company’s commitment to building tailored insurance solutions designed to best manage its clients’ risks.