From High Property Limits to a Variety of Product Innovations Cannasure has you Covered
Table of Contents
A recent product update from Cannasure indicates how the cannabis insurance provider continues to expand coverage to cannabis companies by increased capacity, meaning high business property limits, Michigan Attestation availability, and individual coverage lines such as Property or Product Liability. The latter can be important if a cannabis business is interested in only covering certain risk exposures or assets.
Below coverage highlight from Cannasure:
- Property Capacity up to $55M per location (due to the combination of in-house UW authority and external/semi-exclusive Facultative Treaty relationships)
- Products Liability up to $5M
- Excess Property up to $30M over our competitors’ Primary coverage
- Robust Property and General Liability Enhancement coverages available
- Capability to write Monoline coverages (usually Property, but monoline Products Liability is available too)
- Michigan Attestation coverage now available
- Aggressive Large Deductible options available
Cannabis companies need carriers to solve risk exposure problems
By offering property limits up to $55,000,000 or aggressive deductibles these coverage solutions are important to cannabis risk managers who have the task of identifying risk and determining the best solution to cover these risks through either insurance or internally.
The Michigan regulatory agency requires a cannabis licensee to submit a document known as Attestation J as a condition of their license renewal. This form validates the licensee’s insurance meet the requirements set by the state. Below is a sample of how insurance companies have recognize the Michigan Attestation Sublimit of Liability for Adult and Medicinal Cannabis use. Cannasure is now an approved provider of this important requirement in Michigan.
Cannasure is one of the few cannabis underwriting groups to offer a wide variety of products. The coverages include your standard General and Product liability, Cannabis Stock/Business Property, and Directors and Officers/Employment Practice Liability. More unique is Cyber Insurance, Flood Insurance, Liability Crime, and Workers Compensation which have been historically difficult products to buy in the cannabis marketplace. Cultivators, Dispensaries, Processors/Manufacturers and Testing Laboratories have full access to the Cannasure suite of products.
Looking for a Cannasure Insurance Quote?
Greenpoint Insurance Advisors, LLC is appointed directly with Cannasure. We know their application and product offering. The following information are some important considerations if you are contemplating a quote from Cannasure,:
- Minimum safe requirements: 800lb with a 1-hour fire rating; under 2000lb must be bolted to the ground. We have compiled an extensive comparison between cannabis insurance companies on safe requirements. Each carrier is unique. A failure to comply could lead to a claim being denied.
- Grow lights and ballasts are compatible and meet manufacturers requirements. 100% Led is a preferred and favorable underwriting criteria.
- Infused products manufactures operate their equipment according to manufacturer specifications and equipment handlers are trained properly.
- Central Station Alarm/Motion Detectors/Video Surveillance
If you are looking to buy cannabis insurance or have further questions, please feel free to contact us here.