August 17, 2018 09:45
Hub International launches full-service insurance and risk management related to the cannabis that is intended for producers, distributors and retailers of medical cannabis and recreational. The Journal of insurance, met with the head of the segment of the United States for cannabis, TJ Frost.
The legalization of cannabis in Canada, scheduled for 17 October this year, represented an opportunity for HUB. “We started our activities in connection with the industry in the United States for a few years. When we learned that the legalization was expected in Canada as a whole, we jumped on the opportunity to set up these services, because we wanted to be experts in the field, ” explains Mr Frost.
A product for businesses
These new services are aimed at companies working directly in the field of cannabis. However, many sources who work in the industry have entrusted the Journal of insurance, finding an insurer for their business was difficult, or even impossible.
“There is a lot of misunderstanding in the industry of cannabis for the insurance, which ensures that businesses are under-insured and sometimes even not insured at all. We are ready to ensure the middle. Demand was very strong with of companies, ” adds Mr. Frost.
The services Hub will include, among others, liability insurance, crop insurance, covers risks, such as crime and cyber attacks, as well as the risk assessment and strategic planning, and compliance benefits.
Difference in the canadian market
Cannabis is not legal according to federal law, since the decision to legalize returns to the states. Currently 29 states, plus the District of Columbia, Guam and Puerto Rico allow the use of cannabis and eight states have legalized cannabis for recreational use.
“It is certain that the services in Canada will differ a bit than those offered in the United States due to laws. However, we do business with experts. We want everyone to be covered the same way and that the risks are covered as it should be. We value as an approach to council, ” said Mr Frost.