Specialty Insurance Market Emerging for Cannabis Industry
While mainstream insurance carriers such as State Farm Insurance, George Petersen Insurance Agency, and Wells Fargo Insurance Services have yet to touch the cannabis industry, other smaller and independent insurers are willing to take on cannabis clients, according to a North Bay Business Journal report.
John Ford, proprietor of the Eureka, California-based John Ford Insurance Agency, began serving the industry two years ago and since then, his business has grown 62 percent. He estimates that 80 percent of his 130 clients are canna-businesses, including cultivators, distributors, and dispensaries.
“Mainstream carriers are looking in from the outside, but salivating as well,” Ford said in the report.
Ford previously worked with Lloyd’s of London to underwrite the industry; however, they stopped insuring cannabis firms in 2015 over the conflict in state and federal laws. He is now working with specialty insurers Hannover RE and Knight Specialty Insurance.
According to Nick DiNicola, owner...
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