CHES Special Risk is adding new capacity to its insurance solutions for cannabis businesses, creating a more comprehensive offering that covers more exposures.
The managing general agent is now offering property and product Cannabis Contamination Insurance to its insurance suite for cannabis business owners.
“The timing is perfect for the release of this product as some insurers that were in the market previously, are pulling out,” said CHES Special Risk president and CEO Gary Hirst. “This gives brokers the opportunity to provide much-needed insurance solutions to their policyholders. All from the same provider, in four different risk areas in which the industry operates.”
The full suite of cannabis insurance products that brokers can access through CHES Special Risk are:
- Property coverage
- Commercial general liability coverage
- Product liability coverage
- Product contamination coverage
- Construction of a cannabis facility
According to CHES, these products are well-suited for retail operations that have been struggling to secure insurance, as well as building owners that house such retail operations and their tenants.
“We’ve seen insurers pulling out of the cannabis market and that creates more of a problem in this hardening market — if capacity was available it came at a high price,” said Hirst. “CHES Special Risks’ new capacity is relief during a difficult time in the market, and has taken us time in consultation with our brokers, in crafting a 360-degree solution.”
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