Canopius Group Expands Cannabis Insurance Products to Include Transportation Coverage (Insurance Business)

Canopius Group Expands Cannabis Insurance Products to Include Transportation Coverage

  Tuesday, November 14th, 2023 Source: Insurance Business

Canopius Group, a global specialty lines reinsurer, is expanding its cannabis insurance products to include transportation coverage, addressing the needs of the burgeoning cannabis industry. This new offering will cover the transportation of cannabis items, adhering to federal, state, and local laws, and includes coverage for owned goods, non-owned goods, and cash. Aimed at supporting a variety of cannabis businesses in states where cannabis use is legally permitted, the product combines property, liability, and transportation insurance in a single package.

This move not only marks Canopius Group’s growth in the cannabis specialty area but also signifies a reshaping of the insurance landscape. Coleman Johnson, Chief Underwriting Officer for the US & Bermuda at Canopius, highlights the company’s commitment to pioneering products and providing tailored solutions to the cannabis sector.

This development reflects Canopius Group’s alignment with state-specific legal frameworks and federal regulations, demonstrating their dedication to meeting the unique demands of each client and market within the rapidly evolving cannabis industry.

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