Alternative Risk Strategies (ARS) has launched a new insurance solution for the cannabis industry that is specifically designed to meet the insurance challenges cannabis, hemp and CBD businesses face.
Cannabis Captive Solutions was created for qualifying cannabis companies as an alternative risk transfer solution to help lower costs, improve cash flow and accumulate wealth.
Under current market conditions, ARS explains that cannabis businesses trying to purchase or renew insurance policies are experiencing an increasingly hardened insurance market characterised by substantially higher premium rates and higher deductibles/retentions for several of their necessary policy lines, such as directors and officers (D&O) insurance.
Qualifying cannabis companies can access premium coverages, including D&O liability, professional and products liability, excess liability and other broad form coverages.
ARS manages the process of analysing its client’s insurance needs, sets risk management goals and objectives, assists cannabis businesses and assists businesses form a captive private insurance company should they qualify.
It also coordinates with all businesses in-house and outside professionals such as tax/accounting, legal and insurance brokers, and helps form a risk management committee of outside experts to report back to the captive owners.
Commenting on the new captive solution, Eric Rahn, managing director at ARS, says: “Watching the cannabis industry rapidly emerge over the last six years, the industry is limited in traditional insurance products and markets. Premiums continue to harden in an industry with little historical data. We are seeing an immediate need to provide alternative risk solutions to qualifying companies.”
He continues: “Presently public and private cross border (Canadian/US) cannabis companies are categorised as high-risk in a highly-regulated industry. Insurance companies presently serving the industry continue to charge huge premiums for coverages that are a critical foundation to protecting their business operations and attracting and retaining valuable officers and directors.”
“With our new ARS Cannabis Captive Solutions, businesses can finally access the coverage they need to protect their business, transfer risk, and reduce insurance costs over a short period,” Rahn concludes.
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June 17, 2021 at 08:40PM
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Alternative Risk Strategies launches new cannabis captive solution - Captive Insurance Times
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