Industry Sectors Cultivation – Growing & Processing
What exposures does my cannabis cultivator client have?
Traditional insurance policies have exclusions for cannabis, so it’s important to work with cannabis specific markets when procuring that type of specialized coverage. Moreover, even the majority of current cannabis coverages available expressly exclude ever prevalent risks like mold, mildew, health hazard, vaporizers, impairment, etc. When evaluating coverage options for a potential client, an agent should be aware of those express exclusions and how they curtail the actual coverage afforded by the policy.
Product Liability Coverage
One of the biggest exposures in the cannabis industry is product liability. Typically, in PL claims, any entity involved in the stream of commerce may be sued by an aggrieved plaintiff. Moreover, an agent should expect jurisdictions to impose strict liability for various elements of product compliance such as manufacturing defects, design defects, and/or warning defects. Coverage enhancements include defense outside limits, product withdraw expense coverage, cyber coverage up to $100K available by endorsement, and limits up to $5M.
General Liability Coverage
General liability insurance is a much broader, more traditional coverage that focuses on property damage and bodily injury liabilities ties to a specific premises. Rockall is able to offer hired and unowned auto to extend coverage off premises for incidental exposures, and cyber coverage up to $100K is available by endorsement.