A cannabis risk management group through its captive is rolling property, general premises liability and product liability coverage to cannabis dispensaries and associated grow facilities.
The National Cannabis Risk Management Association announced on Tuesday it is endorsing a suite of insurance products designed for the cannabis industry.
The products will be available through Trichome, an insurance brand which is part of the association captive owned by the NCRMA.
The group first announced in 2019 was creating a casualty insurance program to provide its members with insurance.
This entity was established to initially offer property, general premises liability and product liability coverage to cannabis dispensaries and associated grow facilities. These products are now available, while additional lines of coverage are planned for later this year.
“The launch of Trichome is a direct response to our members expressed need for fairly priced and risk management-based insurance coverage to a rapidly emerging and evolving industry,” Rocco Petrilli, chairman of the NCRMA, said in a statement.
Few insurance providers offer products to the industry because cannabis remains illegal on the federal level. According to the NCRMA, those limited offerings have high premiums and inadequate coverages and services.
The NCRMA is a not-for-profit that provides its members with risk management and insurance solutions through its service partners and offerings.
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