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 offer includes:
General and product liability insurance
Employee responsibilities and directors and civil servant insurances
Compensation cost and security management of workers
Transport insurance and fleet safety management
Crisis coverage, including crime and cyber attacks
Risk management and legal compliance assistance
Operational hazard and site safety assessments
Demand management and advocacy services
Provide strategic planning and adaptation to employees.
Right now there are 26 carriers that can protect the cannabis industry. HUB is working with Class A standard and plus line carriers.
The HUB’s marijuana insurance and risk services will be managed by TJ Frost, the US Cannabis Segment Leader and the Canadian Cannabis Segment Leader Phaedra Andrusiak.
Although cannabis is still illegal under US federal law, 29 states, plus the Colombian Territory, Guam and Puerto Rico, have legalized it for medical purposes and have allowed eight states for entertainment purposes. In addition, the recreational travesty is legally located in Canada with medical marijuana. There are about 100 cannabis producers in Canada.
Cannabis insurance is part of HUB’s Special Applications recently announced.
Headquartered in Chicago, Illinois, Hub International Limited (HUB) is a full-service global insurance agency offering property and casualty, life and health, employee benefits, investment and risk management products and services.
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