The Evolution of Cannabis Insurance: How Coverage Needs are Changing at Breakneck Speeds
On Wednesday, October 2, at 1pm EST, Admiral hosted a webinar to discuss the fast pace at which the cannabis industry, and as a result cannabis insurance, is evolving to meet the industry’s needs.
As states continue to legalize cannabis throughout the country, cannabis companies are becoming more sophisticated in their risk management practices and insurance needs. What started with the need to buy insurance to satisfy contractual or legal obligations, is quickly becoming a desire and need to protect cannabis companies’ financial position through risk transfer. Increased limits, broader coverages, and new lines of insurance are among the changes we are seeing. Understanding why other cannabis companies have taken a greater interest–and invested more capital–in insurance products can provide insights into risks that the cannabis industry faces.
Admiral’s Erich Bublitz, VP of Cannabis Underwriting, and Keith Distel, Casualty Underwriting Team Leader, discussed this quickly evolving industry.
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