The National Cannabis Risk Management Association (NCRMA) is offering property, general premises liability, and product liability coverage to cannabis businesses through its captive-owned insurance brand Trichome.
Rocco Petrilli, chairman of the NCRMA, said the launch of the Trichome is “a direct response” to its members expressing “need for fairly priced and risk management-based insurance coverage to a rapidly emerging and evolving industry.”
“We believe that effective risk management practices are essential for moving the cannabis industry forward in a sustainable way. The NCRMA is 100% focused on risk management because risk management without insurance is incomplete and insurance without risk management is illogical. Trichome is the first cannabis-centric insurance solution of its kind, and it’s going to change the future of this industry.” – Petrilli in a press release
In 2019, the organization announced the creation of a casualty insurance program.
The NCRMA said that “only a few” insurance providers are currently offering products to the cannabis industry because of federal prohibition – and the products that are offered carry high premiums and “inadequate coverages and services.”
The organization said its insurance products will include “accurately priced” premiums and other advantages including a “holistic approach to underwriting,” appointed brokers vetted by criteria established by NCRMA members, products birthed by cannabis risk management, and short-term profit-taking replaced by long-term stability and reward.
The non-profit NCRMA was founded in 2018.
A bipartisan federal bill introduced last year would have ensured the industry had access to insurance products. The proposal was not taken up by either chamber of Congress.
Get daily cannabis business news updates. Subscribe