Worldwide Facilities Hires Norman Ives As Broker & Cannabis Specialist In Its NutraRisk Division

CALIFORNIA: Worldwide Facilities has expanded the resources and institutional knowledge of its NutraRisk division, which specializes in Cannabis, Nutraceuticals and Dietary Supplements insurance coverage, with the addition of Norman Ives to its brokerage team.

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As a founding member of the national Marijuana Business Association (MJBA) and a Board Member of Washington’s Cannabis Alliance, Ives is a pioneer and subject matter expert in the nascent cannabis sector. Ives is often quoted in industry press, and, as such, he is a frequent panelist and speaker about the cannabis industry and its emerging insurance exposures and needs. Cannabis is one of the fastest growing sectors of the specialty insurance marketplace. Ives’ significant expertise positions him to offer innovative insurance solutions.

“Cannabis clients face unique business challenges because of the legal and regulatory landscape,” says Ives. “I offer a unique perspective on those challenges, and I look forward to partnering with our agents who serve cannabis clients to help protect those clients’ businesses and enable them to thrive.”

“Norm is a valuable addition to our team, particularly to agents who work in the cannabis industry,” says Morgan Moore, Life Science Practice Leader at NutraRisk. “His expertise with the various cannabis insurance programs, combined with his in-depth expertise in cannabis regulatory requirements, make him ideally suited to this role. Norm will be a huge asset to our clients.

 

NutraRisk Expands Cannabis Program For Recreational And Medicinal Operations

CALIFORNIA: NutraRisk, a division of Worldwide Facilities, announces that it is expanding its offering to include an exclusive cannabis program, providing General and Product Liability for medicinal and recreational operations.

NutraRisk can also place risks, in the eight states where recreational cannabis is legal, in another new and expanded Recreational Cannabis Program. In addition to these new General Liability Products, they can now provide a Crime option for the cannabis industry as well.

These programs represent some of the most tailored insurance coverage available for cannabis, CBD and hemp manufacture and sale.

“These insurance products are not yet mainstream, and the regulatory landscape is challenging. The cannabis industry at large faces significant challenges in finding comprehensive coverage,” says Morgan Moore, Life Science Practice Leader at NutraRisk.  “Many carriers hesitate to write these exposures and those that do often have very restrictive exclusions.”

NutraRisk has partnered with a few carriers that have decided that now is the time to enter into this sector and provide coverage for the various types of exposures. Coverage options include General and Product Liability up to $2 million, as well as Excess Liability up to $5 million. The approved classifications include (but are not limited to): cultivation – indoor, greenhouse, and outdoor operations, dispensaries / retail shops, growers, laboratories, transporters, recreational and medicinal marijuana.

“There are huge opportunities for retail insurance agents to increase their presence in this untapped and growing market,” Moore adds. “NutraRisk continues to partner with the innovative insurance carriers who are willing to explore cannabis coverages. Our Cannabis team consists of Casualty, Property and Financial Service Brokers who specialize in this space and have proprietary coverages available that are inclusive of the risks involved.”

“The cannabis industry represents the most tangible Crime risk in the history of insurance,” says Brian Savitch, Financial Services Specialist at NutraRisk. “With no banking solution in sight, this will remain a cash business. Unfortunately, most businesses have no idea that their cash on hand is insurable or that this type of insurance even exists.” Savitch adds, “Fortunately, we’ve partnered with a carrier, that is committed to cannabis, to offer a proprietary Crime product that will help bring peace of mind to cannabis business owners.”

Brian Savitch has an extensive background in D&O, E&O and Cyber. Over the past two years he has focused that expertise on the cannabis industry. Expect these ancillary lines to come to the forefront as sophisticated investors push insureds to properly round out their corporate insurance portfolios.