MGA and wholesale broker Cannasure Insurance Services is launching a comprehensive coverage program for medical and recreational marijuana businesses.
“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 Cannasure CEO Patrick McManamon. “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.”
Topa Insurance Company is a wholly-owned subsidiary of Topa Insurance Group, a boutique insurance holding company based in Calabasas, CA.
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The Cannasure program will offer the following coverage lines: property, general liability, products liability, crop, and excess liability.
A release said that the program is designed to support primary industry operations such as dispensaries, cultivators, processors/manufacturers, ancillary businesses, landlords, and testing laboratories. Kieran O’Rourke, director of underwriting at Cannasure’s MGA division, will manage the program.
“The cannabis industry is evolving at an unprecedented rate, and because of this so are the industry-specific risk factors and operational demands,” commented McManamon.
“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 01, 2018,” he added.
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