As we all know insurance in the sector can be a nightmare so this looks like an interesting development. Most insurance solutions we’ve seen here at CLR tend to come out of the West Coast as the market is more mature there so this looks like a positive addition to the market.
AlphaRoot aims to provide much-needed insurance capacity to cannabis companies
[NEW YORK/JULY 2021] – AlphaRoot, a Founder Shield company, today announces it has advanced the expansion of a limited distribution casualty program to provide casualty capacity to cannabis companies.
Here’s the press release
As the cannabis industry matures, so does the loss exposure and claims history of the industry. With that in mind, it’s prudent that cannabis operators maintain sufficient insurance coverage to protect their assets. AlphaRoot’s program is specific to General Liability, Product Liability, Excess Liability (up to $10 million), and Hired and Non-Owned Auto for cannabis companies and is intended to protect cannabis companies from suits brought by third parties.
Drew Taylor, ARM Managing Director at AlphaRoot
Since its inception, AlphaRoot has focused solely on the cannabis, hemp, and CBD industries. This niche focus has allowed the company to develop key carrier and wholesale relationships. Through those relationships, it has gained access to this limited distribution casualty product tailored to the cannabis industry.
Capacity is a challenge for the cannabis insurance industry. Consequently, it’s important to continue bringing additional solutions to the marketplace by means of an A-Rated carrier with trusted terms, conditions, and claims handling.
“Given the rapid growth of cannabis and the continued trend of state legalization, insurance will play a key role in ensuring responsible growth. By protecting a business’ assets against losses, we can help maintain the health of these companies through risk management and insurance,” said Drew Taylor, Managing Director and Head of Broking at AlphaRoot. “This particular product on a reputable and highly rated paper moves the industry forward.”
About AlphaRoot
AlphaRoot is a tech-enabled insurance brokerage focused exclusively on the cannabis, hemp, and CBD industries. Our mission is to strengthen and legitimize the cannabis industry as we believe that cannabis, agriculture, and the supporting technology ecosystem are a critical part of American society.
For more information, please visit our website (www.alpharoot.co) or reach out to the AlphaRoot team.
