Cannabis cultivation practices, techniques, and processes have matured and evolved over the years. The failure to properly understand and address traditional property and growing stock risks, along with new exposures, places your business and employees at risk.
Our risk specialists understand the business and operational needs of cutting-edge cultivators. We can help you identify and address these exposures through a collaborative and customized approach to your risk management.
As consumer tastes change, innovative processing techniques are necessary to meet the demand for new cannabis products.
Our risk specialists understand the health and safety and supply chain risks that cannabis processors encounter. We also can help you anticipate and manage new product and consumer safety, business interruption risks, and financial and operational challenges.
It takes the right mix of desirable product, stable supply, good location, and ideal customer experience to be a successful cannabis retailer.
Our risk specialists collaborate with you to analyze your retail business exposures and formulate a risk management and insurance program that fits with your operational needs, financial goals, and regulatory requirements.
The number of laboratories running clinical trials investigating the medical benefits of cannabis for a variety of conditions is dramatically increasing globally.
Our unparalleled experience helping clients manage the risk exposures inherent in clinical trials, through our Life Sciences Center of Excellence, has been adapted for cannabis clinical trials specifically. We understand the unique business and regulatory environment in which you operate and can help you plan appropriately for the cannabis research risks and opportunities you face.
Leasing to a licensed cannabis business presents unique legal and regulatory requirements for property owners. It also can make obtaining cost-effective property insurance very challenging for those wishing to expand their leasing portfolio into this evolving sector.
Marsh understands these challenges and has developed specialized market solutions to support your risk management efforts with tenants engaged in the cannabis industry.
The majority of cannabis insurance claims are property loss claims driven by a variety of loss factors, including crop damage caused by production machinery breakdown and heating- or lighting-related fires. The largest driver of claims activity has been security holder class actions impacting directors & officers (D&O) policies.
Yes, there are a number of cannabis insurance coverage solutions for biological assets. In many cases, you can customize the coverage to fit your specific risk exposures.
Two of the main reasons for the limited availability of cannabis insurance are: lack of historical claims data and the legal status of cannabis in jurisdictions outside of Canada.
That said, Marsh has developed specialized market solutions to support your risk management efforts.
Yes, there are options and mechanisms available aside from cannabis insurance to transfer some or all your risk exposures, such as a captive or a parametric solution.
Marsh can assist in providing a quantitative analysis of your risk profile and help with data- and financial-driven decisions around your risk mitigation and non-insurance risk transfer options.
Yes, a variety of cannabis insurance and alternative solutions are available to cover finished stock, whether at your processing facility, in transit, or at a distribution centre.