Canopius launches new cannabis specialty insurance offering
Global specialty lines re/insurer Canopius Group has launched a new cannabis insurance product offering.
The new cannabis transportation offering aims to address the challenges of transporting cannabis products from cultivation to distribution. It covers intrastate or interstate transportation of various items, as allowed by federal, state, and local laws.
Canopius said unlike conventional offerings that focus on singular areas of coverage, its new cannabis transportation insurance product offering encompasses owned goods, non-owned goods, and cash, delivering a comprehensive safety net to address risks and legalities in the cannabis sector from seed to sale.
Canopius will now offer a combined product for businesses with coverage offerings across property, liability, and transportation, which is of paramount significance within the cannabis marketplace.
"Canopius stands at the forefront of this field, empowered by our specialised expertise to tailor our program to the distinct needs of each client and market," said Dan Oldham, head of commercial transportation at Canopius. "Our meticulous alignment with state-specific legal frameworks and federal regulations underscores our deep commitment to this growing industry."
Coleman Johnson, chief underwriting officer for the US & Bermuda, said: "This important milestone not only signals Canopius' growth in the cannabis specialty area, but also reshapes the landscape for the insurance industry. Our dedication to pioneering products mirrors our resolve to support the cannabis sector with customized solutions."
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