NutraRisk to offer insurance options for marijuana operations
NutraRisk, the insurance arm of the Worldwide Facilities company, is introducing insurance policies for the marijuana industry. The policies will be available for general and liability coverage of both medicinal and recreational operations and the company will also offer a separate “crime option” for the industry.
As NutraRisk’s Life Science Practice leader, Morgan Moore, explains, “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. Many carriers hesitate to write these exposures and those that do often have very restrictive exclusions.”
Coverage for general and product liability up to $2 million is available, as is an excess liability policy that can cover up to $5 million. NutraRisk can write policies for a number of market segments, including dispensaries and retail stores, laboratories, transportation companies and indoor cultivation, among others. The company has already partnered with a few carriers in an effort to expand its footprint and provide services to a larger section of the industry.
Additionally, the company can place risks in the states that have legalized recreational marijuana use. That placement is possible through a new Recreational Cannabis Program offered by NutraRisk.
At its core, NutraRisk has acted as a wholesale insurance broker providing insurance coverage for the dietary supplement and nutraceutical industries. It is headquartered in Los Angeles and is able to provide coverage in all states where cannabis and cannabidiol (CBD) oil can legally be manufactured and distributed.