CHICAGO – November 8, 2023 – Canopius Group, a leading global specialty lines (re)insurer, is proud to announce additions to its cannabis insurance product offerings. Having been at the forefront of the industry with its cannabis property and liability insurance coverage, Canopius is now redefining industry standards by addressing the challenges of transporting cannabis products from cultivation to distribution. This new product can cover intrastate or interstate transportation of various items, as allowed by federal, state, and local laws.
Unlike conventional offerings that focus on singular areas of coverage, Canopius’ new cannabis transportation insurance product offering encompasses owned goods, non-owned goods, and cash, delivering a comprehensive safety net to address risks and legalities in the cannabis sector from seed to sale. Filling an important gap within the industry, Canopius will now offer a combined product for businesses with coverage offerings across property, liability, and transportation, which is of paramount significance within the cannabis marketplace.
“Canopius stands at the forefront of this field, empowered by our specialized expertise to tailor our program to the distinct needs of each client and market,” said Dan Oldham, Head of Commercial Transportation at Canopius. “Our meticulous alignment with state-specific legal frameworks and federal regulations underscores our deep commitment to this growing industry.”
This innovative solution attests to Canopius’ commitment to safeguarding all steps in the cannabis supply chain. With underwriting across various cannabis-related risks, including transportation, distribution, plant handling, dispensaries, and other ancillary areas, the company supports a wide range of cannabis businesses in states where medical and recreational adult-use of cannabis is legal.
Coleman Johnson, Chief Underwriting Officer for the US & Bermuda, stated, “This important milestone not only signals Canopius’ growth in the cannabis specialty area, but also reshapes the landscape for the insurance industry. Our dedication to pioneering products mirrors our resolve to support the cannabis sector with customized solutions.”
A distinctive hallmark of Canopius’ cannabis transportation offering lies in the comprehensive nature of their coverage which is customized for these unique operations. As the cannabis industry continues to grapple with evolving regulations, Canopius and its products come as a beacon of support and a valued resource, offering creative solutions to complex challenges facing clients in the industry.