Making sure carriers are comfortable and your clients are sleeping well at night could be the key definition of what an insurance broker does.
However, in the realm of selling insurance to cannabis companies, whose exhibits include many products intended to thrill people, these elements might make even more sense.
To hear it from Jesse Parenti, Country Manager at Nine Point Strategies, making sure his clients sleep well at night means he has to be alert and vigilant, given the risks he faces. These include cannabis lounges, as well as hotels and restaurants.
“The consumption is here and what we need to do now is protect our policyholders because in the cannabis business we all know that our entrepreneurs don’t take ‘no’ for an answer,” he said. . “And they are very creative in solving problems. So for us as risk managers, we have to stay ahead of the curve and help insurance companies explain and understand the challenges and then be able to provide contract and language to actually address the concerns and needs.
Parenti was responding to a question posed by Charles V. Pyfrom, director of marketing at CannGen Insurance Services. They were part of a cannabis and insurance roundtable that included Summer Jenkins with Cannabis Insurance Wholesalers, Jon Spratt with Greensite Insurance Services, Kathleen Brown-Hurtado with Curotech Specialty, and TJ Frost with Symphony Grow.
The roundtable panelists were among more than 30 speakers who attended Insuring Journal’s annual Virtual Cannabis Insurance Summit on October 26-27. tackle difficult questions.
Parenti, who said a big challenge in the space comes from the risks posed by alcohol and cannabis together, hopes better sobriety tests will come to allow brokers to work with carriers to deliver “a product that’s actually viable that will provide protection and defense when needed.
Pyfrom discussed many topics with the panel, covering over a dozen cannabis insurance topics.
Frost talked about the evolution of the industry.
“It really comes down to the growth of the industry over the last 10 years where I’ve done it, where it was ticking a box for insurance, and now it’s implementing insurance and claims management programs. risks that align with insurance programs,” Frost said. “And getting these experts who have been doing this for a long time on the carrier side as well as the retail side. Because we are now expanding in all states basically as the industry continues to grow.
Jenkins spoke about the importance of helping create an environment of culture, safety and accountability for cannabis businesses.
“And then everything else is managed and tweaked and continues to be worked on,” she said. “Because it’s a space that will continue to evolve. And it’s not one piece, it’s like 10 pieces working together. Communication within your HR, your security department, your loss control department, your risk manager, your lawyers, your CPAs, we are all on the same page and we need to communicate so that these companies succeed.
Brown-Hurtado insisted on putting cannabis companies, carriers and the rest of the insuring cannabis industry on the same page.
“I think my final thoughts are that everyone needs to stop feed-in tariffs and stop and start looking at policy forms and start working together,” Brown-Hurtado said. “We can all work together. We can build this program as a single unit by building, stacking, covering and working on things we can do.
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