You Cannasure a 180 Change is Coming for Cannabis Insurance
Cannasure Insurance Services Acquired by One80 Intermediaries
Change is coming for the cannabis insurance industry.
Cannasure Insurance Services (“Cannasure”) has evolved from a retail insurance broker to a wholesale broker specializing in cannabis and hemp insurance coverages over the past 10 years. A wholesale broker represents the insurance carrier as opposed to a retail broker representing the customer.
Knowing Cannasure has its roots firmly planted as a retail broker they have been innovative with their product offerings. However establishing an efficient relationship that requires quick turnaround and high volume has been a challenge.
Quoting times should improve for cannabis insurance companies who need a quick response
Currently it takes 7 to 10 days plus to receive a quote from Cannasure. The Boston based company One80 Intermediaries appears to have underwriting offices located throughout the United States including Canada.
This presence should likely help Cannasure with reducing the amount of time it takes to quote knowing a local office is available to serve retail insurance brokers specializing in this segment.
Future of Cannabis Insurance might be through online quoting platforms
One80 Intermediaries is able to quote online a variety of business classes such as special events, liquor stores, and Truckers to name a few. This could be what’s in store for cannabis insurance. This would greatly reduce the amount of time it takes for retail insurance brokers to turnaround quotes and possibly eliminate lengthy supplemental and acord applications that choke the quoting system.
Simple cannabis operations with 1 or 2 locations who need basic general liability and property coverage would be perfect candidates for online quoting.
Expansion into workers compensation, directors and officers, and transportation lines
The cannabis industry has been void of robust product offerings. Currently, most workers compensation insurance is through assigned risk pools. Directors & Officers is offered by a small number of carriers, and commercial automobile is practically a monopoly held by one company.
According to the One80 Intermediaries website they appear to have a substantial experience and business practice in these areas.
This would be good for the cannabis industry to have access to more products and services.
One80 Intermediaries Current Product Offering