NutraRisk, a division of Worldwide Facilities, has expanded its cannabis offering to include an exclusive cannabis program providing general and product liability for medicinal and recreational operations.
NutraRisk can also place risks in the eight states where recreational cannabis is legal through another new and expanded Recreational Cannabis Program. In addition to these new general liability products, NutraRisk can now provide a crime option for the cannabis industry as well.
“These insurance products are not yet mainstream, and the regulatory landscape is challenging. The cannabis industry at large faces significant challenges in finding comprehensive coverage,” says Morgan Moore, Life Science Practice leader at NutraRisk. “Many carriers hesitate to write these exposures and those that do often have very restrictive exclusions.”
NutraRisk has partnered with a few carriers now ready to enter into this sector and provide coverage for the various types of exposures. Coverage options include general and product liability up to $2 million, as well as excess liability up to $5 million. The approved classifications include (but are not limited to): cultivation – indoor; greenhouse and outdoor operations; dispensaries/retail shops; growers; laboratories; transporters; recreational and medicinal marijuana.
NutraRisk is a wholesale insurance broker and program manager offering insurance coverage for the nutraceutical and dietary supplement industry. A division of Worldwide Facilities, LLC, NutraRisk offers products for the emerging cannabis nutraceutical industry. Headquartered in Los Angeles, NutraRisk, provides coverage in all states where Cannabis and CBD oils are legally manufactured and distributed.
Was this article valuable?
Here are more articles you may enjoy.