INSURANCE PRODUCT MAZE
Cannabis insurance is bought through a web of Surplus Lines Brokers.
“Non-admitted insurance companies are like the unsung heroes of risk management, operating beyond the conventional boundaries to provide coverage where traditional avenues fall short.”
APPLYING FOR INSURANCE
UNFORTUNATELY. CANNABIS INSURANCE IS NOT LIKE BUYING HOME OR AUTO INSURANCE.
- Fast Turnaround time? We know where and where not to send your application when time is critcal.
- Be Prepared. Each carrier will have their own lengthy application. We do our best to make this less painful.
- Surprised by a crime and fire ratings? Certain carriers will use 3rd party ratings to determine how risky is your location.
- Credit score a factor? No.
- Prior insurance claims. This will be factor with all carriers. Too many claims need to be explained and more importantly, fixed.
Stores, Growers, Manufacturers, Labs, and Ancillary
- General Liability
- Business Property
Stores, Growers, Manufacturers, Labs, and Ancillary
- Workers Compensation
- Insurance to cover employees
Landlords
- General Liability
- Building and Property
- Loss of Rents
- Ordinance/Law
Events Vendors Organizers
- Events
- Tradeshows
- Conferences
WHOSE INVOLVED WHEN BUYING CANNABIS INSURANCE
Customer
The cannabis licensee or business such as retail store, grower, infused products manufacturer, landlord, or ancillary business.
Retail Insurance Broker
This is the agent or broker representing the customer. Insurance brokers are licensed by the Department of insurance.
Excess Surplus Lines Broker
An excess surplus lines broker is a specialized type of insurance broker who helps clients obtain insurance coverage from the surplus lines market for risks that are difficult to insure through traditional insurance markets.
Insurance Company
The actual insurance company that issues the policy.