Greensite Insurance Services, an Aon speciality insurance program, has launched a cannabis management liability program tailored toward private entities including start ups that are looking for substantial management liability protection centered around cannabis.
Greensite is underwritten by Golden Bear Insurance Company, an AM Best ‘A’ (Excellent) rated carrier with previous cannabis experience. Golden Bear’s AM Best credit rating was recently put under review with negative implications reflecting surplus erosion observed in 2021.
Greensite will provide solutions for Directors and Officers (D&O) with limits up to $5 million, Employment Practices Liability (EPL) and Fiduciary Liability, and will offer limits in excess of primary Management Liability programs, according to its website.
Greensite’s target classes are cultivators, processors / harvesters, manufacturers / extractors, testing Labs; wholesale distributors, transporters, dispensaries, tetailers; and non-storefront delivery, hospitality, and other ancillary businesses.
The program is seeking to attract private start ups and new ventures with revenues under $1 billion.
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