The National Cannabis Risk Management Association (NCRMA) has launched the first of several insurance products designed to normalise insurance availability and coverage all along with the cannabis vertical.
TRICHOME risk protection products will initially provide property, general premises liability, and products liability coverages to stand-alone member dispensaries and dispensaries with a vertically integrated associated with growth.
NCRMA explained that appointed brokers will work directly with the programme managing general agents (MGA) to service its growing membership.
The association initially revealed its intent to endorse an exclusive captive-backed insurance programme during MJBIZCON 2019, however, the senior leadership explained that effort was delayed by the COVID-19 pandemic.
Rocco Petrilli, chairman of the NCRMA, said: "The challenge associated with the creation of an association owned captive insurance company for NCRMA members has been daunting.”
He continued: "The hardening effect of the pandemic on the insurance marketplace along with the increase in natural calamities such as hurricanes and wildfires have produced multiple barriers which have slowed the creation of the initial TRICHOME products.”
"Our differentiator remains to be the NCRMA and its boundless approach to risk management which has satisfied the appropriate carrier and re-insurance capacity that the NCRMA presence will greatly reduce risk and create a best in class of insured," Petrilli added.
The TRICHOME products are expected to be available to the NCRMA membership early in 2021.
