Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution.
The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use is legal.
It now underwrites across various cannabis-related risks, including transportation, distribution, plant handling, dispensaries, and other ancillary areas.
According to the announcement, Canopius’ new product can cover intrastate or interstate transportation of various items, as allowed by federal, state, and local laws.
“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.”
Unlike conventional offerings that focus on singular areas of coverage, Canopius’ 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.
Coleman Johnson, Chief Underwriting Officer for the US & Bermuda, stated: “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 customised solutions.”
The re/insurer has also recently introduced a new Cannabis Cyber insurance solution, which was designed to address the distinct data security challenge the legal cannabis industry in the US faces.
It aims to deliver robust protection against cyber-attacks, networking breaches, ransomware, and other digital threats impacting cannabis producers, transporters, retailers, and tech firms.
