CHES Special Risk has rolled out a new insurance offering for businesses in the cannabis industry.
The managing general agent (MGA) has created specialty insurance solutions for the industry in response to brokers asking for help with very specific cannabis insurance and licensing-related concerns. CHES also said that its insurance solutions have been designed to suit a wide variety of businesses in the cannabis sector, such as cultivators, third party processors, micro-growers, cannabis-related product manufacturers, wholesalers, distributors, laboratories and research, the medical cannabis sector and ancillary industries like CBD oil manufacturers.
According to CHES Special Risk president and CEO Gary Hirst, the cannabis industry has been severely impacted over the last few months – even the big commercial producers took a hit. But CHES is more than prepared to serve their financial security needs.
“We are particularly well-positioned to help cannabis producers and those involved in other aspects of the industry with their insurance needs and licensing compliance,” Hirst said.
CHES Special Risk also said that it is focusing on solutions for smaller, micro-producers and other niche areas of the cannabis sector.
“That part of the industry is still strong and producing a better product in certain respects,” Hirst explained. “That is something we are focused on and our solutions also complement and reinforce our medical malpractice and life sciences business.”
Hirst noted that due to factors such as the hard market at the start of 2020, and the ongoing COVID-19 pandemic, there are business opportunities for MGAs willing to put in work despite the challenges.
“We found there is restriction in market capacity available for the cannabis sector and we are excited to come out with a liability and product recall product,” the chief executive said. “Our technology and software is up to date and agile, enabling us to offer the same level of service now as we were before the pandemic.”
