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Insuring Cannabis Summit: Talking to Clients About Risk Starts with Education Editor’s note: This is part of a series of articles based on panels and presentations during on Nov. 19. Believe it or not, talking to cannabis businesses about risk isn’t much different than talking to owners of other businesses about the topic. However, there’s a bit more to it than that, especially in a highly regulated industry in which many businesses are focused on just dotting the “I”s and crossing the “t”s and getting on with earning a dime. “What the challenge is, is that most people come into the industry hearing they have a requirement and it becomes a burden to them versus actually this is an advantage or a value to the company,” said Jesse Parenti, director of programs for PCF Insurance Services. “So, it’s really an economic conversation and it’s having them understand from a 10,000 foot view, what they need to do to start. And then from there, b ....
Insuring Cannabis Summit: There Were Crop Risks Aplenty in 2020 Editor’s note: This is part of a series of articles based on panels and presentations during Is there a lot of risk in cannabis crops that insurance professionals should know about? You bet, if you listen to Evan Stait, a commercial account executive and cannabis practice leader for Hub International in Kelowna, British Columbia. “These guys that are growing outdoors are dealing with not only the weather, sporadic weather, fire seasons, wind, hail, early frost in certain areas. They also have to work with pest control. They have to worry about genetics,” Stait said. “There is a whole lot to it that comes with the lack of the ability to control your environment. And especially now, and definitely in Canada, where you’ve got some of the first grows happening in certain regions where they’re using genetics from other areas that have maybe been successful.” ....
Insuring Cannabis Summit: Industry at Diversity Crossroads Editor’s note: This is part of a series of articles based on panels and presentations during Insurance Journal’s 2020 Insuring Cannabis Summit on Nov. 19. Diversity needs to be more than a mere buzzword in the cannabis industry. That was the message from James Jackson III, a senior vice president at Mark Edward Partners, who leads the firm’s cannabis practice and has created a dedicated unit focused on helping minority, women and LGBTQ+ businesses as the firm’s diversity and inclusion group practice leader. Jackson gave a presentation, Diversity in the Insuring Cannabis Space, during Insurance Journal’s 2020 Insuring Cannabis Summit on Nov. 19. ....
Insuring Cannabis Summit: Capacity, Vaping Among Issues in Industry Going Forward December 14, 2020 Editor’s note: This is part of a series of articles based on panels and presentations during on Nov. 19. If there is one big problem in the insuring cannabis space – where issues include property rates, the impact of COVID-19, crime, vaping – it may be capacity. Carriers and reinsurers are still largely shying away from the cannabis business because it’s still considered illegal in the eyes of the federal government. “Property capacity, in general, across the broader insurance market, in E&S, has become a little more difficult of late due to a reduction of capacity,” said Norman Ives, a wholesale insurance broker at Worldwide Facilities LLC specializing in custom insurance products and risk management for the cannabis industry. “We’ve seen increases of rates of in the E&S lines anywhere from 15 to 30%, acr ....