In Q2 Cannasure announced the expansion of our MGA program, adding additional Property Capacity (to $45M per location) and a number of coverage enhancements to continue leading the cannabis insurance industry. The increase in our Property Capacity was deployed on a few significant accounts in June to close out the 2nd Quarter (one is noted immediately below).
At the halfway mark of 2022, we wanted to share our appreciation for our Agents & Brokers. THANK YOU for choosing Cannasure for your clients’ Cannabis needs! Please review some of the successes you bound with us during Q2.
NV Large Grow Operation
Bumped up the Primary Capacity to $50M (Special UW allowance)
This allowed our Broker to cancel the prior Excess Property placement. “Capacity is King.”
CO and 2 Other States - Vertically Integrated Operations
Total TIV in Excess of $125M, $5M GL Limit - Bound for mid-six figure annual premium
Cannasure won due to Property Capacity/coverage.
HI - CBD Store
Package coverages - Annual premium $5k
Placement via our Brokerage unit.
PA – Vertically Integrated Operations
$20M annual sales - Bound for more than $200K
Package coverage placement in our MGA program with a companion Builders Risk account (via our Brokerage unit) due to growing operations. B/R build out for $3.5M, Package TIV $22.5M at largest location.
MI - Combo Grow & Processing Operation
Monoline Property Coverage Placement $12M Property Limit
Agent placed Casualty coverage with an Admitted market to comply with MI’s Financial Responsibility law.
CA - Commercial Auto
Monoline HNOA Policy Placement - Minimum Premium of $4,500
Agent will be placing Owned Autos with Cannasure upon Client’s pending purchase, but HNOA was an immediate need.
MI - Testing Lab
Brokerage Placement with Annual Sales of $4.6M
Cannasure replaced inferior coverage with a superior GL/PL combo policy, higher GL limits and an increase in annual revenues for a 5% premium cost savings over the incumbent policy from 2021 – nice win for the client!
Multiple States (IL, PA, NY) - Cultivator/Processor
Worker’s Compensation - $740,000 annual premium, our largest Work Comp account to date!
Cannasure rounded out an existing MGA account by placing the WC after securing the Package in 2020.
Monoline Products Liability Placement
Placement in our MGA program after placing the Package coverage the years prior - Over $60K premium on $20M in annual sales
Agent & Client finally pursued the Products Liability coverage after a couple of years of operations. Another success story of the Agent’s patience paying off by offering Products Liability coverage at each renewal cycle.
Special Event Policy
Cannabis Consumption, Food Trucks & Live Music
$15k MP, 1 day event, $1M limit, 5,000 ticket buying patrons expected. The Special Event activity has skyrocketed with our new capabilities!
CA – Cultivation/Processing
Monoline Property Placement
GL stayed with the incumbent carrier, but our Property coverage/capacity was superior and required by the operator - $28M Property placement, incumbent maxed at $15M.
CA – New Cannabis Delivery Operation
Bond Placement for Licensing
In-house placement that led to binding Commercial Auto policy for delivery operations to Consumers.