Outlook & Trends by Product Line
Property
A new property insurer has entered the cannabis market, but challenges persist for non-standard risks like greenhouses. Accurate inventory evaluations, especially for aging stock, remain critical
Directors & Officers (D&O)
D&O insurance prices dropped significantly in Q4 2024, nearing pre-COVID-19 levels. Companies should reassess strategies to secure lower premiums, reduced deductibles, or broader coverage.
Liability
Increased insurer competition is driving rate negotiations. New entrants are expected to disrupt the market, and companies should address broad vape and enticement exclusions in policies when possible.
The Basics
When evaluating insurance coverage, it’s essential to consider some of the following basics:
- Property
- General Liability
- Directors and Officers Liability
- Cargo
- Business Interruption
- Product recall
- Crime
- Cyber Coverage
Common Cannabis Industry Coverages
Property Insurance
Can cover losses from events like fire or floods, including damages, inventory recovery, and business interruption.
Liability Insurance
Protects against third-party bodily injury or property damage, including incidents like slips or product liability claims.
Cargo Insurance
Safeguards the value of goods during transit by land, sea, or air.
Directors & Officers (D&O) Insurance
Protects leaders from lawsuits related to alleged wrongful acts and can shield the company from financial risks like security class actions.
The BFL CANADA Advantage
In the fast-evolving cannabis industry, navigating risks and regulations is crucial. BFL CANADA offers tailored insurance solutions and expertise, representing businesses across the supply chain. With a deep understanding of cannabis specific challenges, BFL CANADA ensures comprehensive coverage and proactive support.
Brayden York
Brayden has over a decade of commercial insurance experience, including specializing in cannabis and life sciences. As a former in-house Insurance and Risk Manager at Aurora Cannabis, he brings unique insights into industry challenges and opportunities.
For more information please contact
Brayden York, RIMS-CRMP, CAIB, B.Comm | Vice President, Client Executive
| T. 306-241-3010
| E. byork@bflcanada.ca
