Global insurance brokerage Hub International Limited (HUB) has formed a comprehensive cannabis insurance and risk services offering under its Agribusiness & Farm Specialty Practice.
The new offering is designed to reduce risks in all aspects of operations for medical and recreational cannabis producers, distributors and retailers.
HUB’s offering includes the following:
- General and product liability insurance
- Employee practices liability and directors & officers insurance
- Crop insurance
- Workers’ compensation cost and safety management
- Transportation insurance and fleet safety management
- Crisis coverage, including crime and cyber attacks
- Risk management and regulatory compliance assistance
- Operational hazard and site security assessments
- Claims management and advocacy services
- Employee benefits strategic planning and compliance
Currently there are 26 carriers that are insuring the Cannabis industry in one way or another. HUB is working with standard and surplus lines carriers that are A rated.
HUB’s cannabis insurance and risk services will be managed by TJ Frost, U.S. Cannabis Segment Leader, and Phaedra Andrusiak, Canada Cannabis Segment Leader.
Although marijuana is still illegal under U.S. federal law, 29 states, plus the District of Columbia, Guam and Puerto Rico, have legalized it for medicinal purposes, and eight states allow it for recreational use. Additionally, recreational marijuana has recently taken its place next to medical marijuana in being legal in Canada. Canada has nearly 100 cannabis producers.
Cannabis insurance is part of HUB’s recently announced Specialty Practices.
Headquartered in Chicago, Illinois, Hub International Limited (HUB) is a full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services.
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