Hub launches cannabis insurance services
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Hub International Ltd. has launched cannabis insurance and risk services under its agribusiness and farm specialty practice, the broker said in a statement Wednesday.
Medical and recreational cannabis producers, distributors and retailers will be able to buy coverage including general and product liability insurance, employee practices liability and directors and officers insurance, crop insurance, and transportation insurance and fleet safety management, as well as risk management and regulatory compliance assistance.
Hub said it is working with A-rated standard and surplus lines insurers, adding there are now 26 servicing the cannabis industry in one way or another.
Cannabis insurance and risk services will be managed by Bothell, Washington-based TJ Frost, U.S. cannabis segment leader, and Phaedra Andrusiak, Canada cannabis segment leader, the statement said.
"Cannabis is a thriving business, and there is a strong appetite to debunk common misconceptions of the industry, understand the risks and obtain proper and adequate insurance coverage," Joshua Smart, practice leader, Hub agribusiness and farm specialty practice, said in the statement.
Hub added that while marijuana is still illegal under U.S. federal law, 29 states and the District of Columbia, Guam and Puerto Rico have legalized it for medicinal purposes, and eight states allow it for recreational use. Canada has legalized recreational marijuana as well as medical marijuana and has nearly 100 cannabis producers.
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