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SafeHerb, a division of Specialty Program Group LLC, said Tuesday it is introducing Cannabis & Hemp Insurance to provide “seed to sale” coverage.
The SafeHerb coverage includes general liability, product liability, property, equipment breakdown, indoor crop loss or damage, and cargo.
Coverage is underwritten by Obsidian Insurance Group.
Limits are $5 million for liability; $10 million for primary and excess property, with an additional $15 million of property available; and cargo is $1 million, according to an email from a spokeswoman.
Coverage is available for cultivators (indoor, outdoor and greenhouse); processors for harvesting, processing, quarantining and testing; manufacturers for product development and manufacturing; wholesalers for selling to retailers and distributors; transporters for services with approved classification; dispensaries for retail operations; laboratories, either stand-alone or large-scale operations; and property owners for lease, sublease and property exposure.
Coverage is available in all 50 states and Washington D.C. for both cannabis and hemp businesses.
In-house loss control services and claims are handled by Avant Specialty Claims
Increases in product liability capacity for the cannabis industry and related companies remain elusive amid a patchwork of regulation, speakers said at the Business Insurance cannabis webinar on product liability Wednesday.