Cannasure Launches New Comprehensive Insurance Coverage Program for the Cannabis Industry
CLEVELAND, Jan. 30, 2018 /PRNewswire/ -- Cannasure Insurance Services (Cannasure), the premier cannabis insurance MGA and wholesale broker, announced today it will launch a comprehensive coverage program to support the cannabis industry.
"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.
Cannasure Insurance Services (http://www.cannasure.com) is a leading cannabis MGA and wholesale broker. Cannasure is a full-service insurance group providing leading-edge solutions to cannabis business owners in the U.S. that include cultivators, dispensaries, processors and products manufacturers, testing laboratories, landlords and ancillary businesses for retail insurance agents and brokers. Located in Westlake, Ohio, Cannasure is licensed in all states where legalized cannabis is offered (medical and recreational) and provides a broad range of solutions that includes, but is not limited to, General Liability, Product Liability, Auto (Primary/Excess), All Risk Property, Inland Marine, Stock Throughput, Professional and Management Liability, Umbrella and Workers' Compensation.
Topa Insurance Company is one of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company based in Calabasas, California, which provides wholesale insurance solutions. Other subsidiaries include Alphyn Universal Insurance Solutions (CA), Dorchester Insurance Company (USVI), NevPac Reinsurance (BVI), and Topa Insurance Services (USVI). Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. For more information about Topa Insurance Group, please visit http://www.topa-ins.com.
SOURCE Cannasure
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