CLEVELAND — Cannasure Insurance Services a cannabis insurance MGA and wholesale broker, has announced it will launch a comprehensive coverage program to support the cannabis industry, according to a press release.
"We are excited to announce that Cannasure recently finalized the development of a cannabis program that will offer all lines of coverage to medical and recreational business owners," said Patrick McManamon, CEO of Cannasure Insurance Services. "Our program is backed by Topa Insurance Group, a leading boutique property-casualty insurer and will provide enhanced and comprehensive coverages. Initially, the program will be offered on a non-admitted basis; however, we are exploring admitted opportunities in target states."
The Cannasure program will offer the following coverage lines: Property, General Liability, Products Liability, Crop and Excess Liability. The program is designed to support the primary industry operations, which include: Dispensaries, Cultivators, Processors/Manufacturers, Ancillary Businesses, Landlords and Testing Laboratories.
"The cannabis industry is evolving at an unprecedented rate, and because of this so are the industry-specific risk factors and operational demands," McManamon said. “Since we opened our doors in 2010, Cannasure has been in the trenches with clients understanding their business, challenges, opportunities as well as the regulatory requirements. This firsthand accounting enabled us to partner with Topa, an 'A-' A.M. Best-rated carrier that has truly taken the time to understand this industry and is committed to bringing forward relevant coverages (terms and conditions) that support the ever-changing cannabis industry. Because of this, we are excited to launch our program for new business submission effective February 1, 2018."
The program will be managed by Kieran O’Rourke, Director of Underwriting, of Cannasure’s MGA division.
“Overall, Cannasure continues to provide robust access to coverage solutions for all aspects of the cannabis industry, whether it comes from our proprietary program or our wholesale operation,” McManamon said.
