The American Association of Insurance Services has expanded its Cannabis Businessowners Policy into Nevada, making it the third state to approve the insurance program, along with Colorado and California. The program received approval just four days after being submitted to the Nevada Division of Insurance.
Patrick McManamon, founder and chief executive officer of Cannasure Insurance Services, LLC, said that the policy “is focused primarily on retail exposures.” Under the Nevada CannaBOP program, both property and liability coverage is available for cannabis dispensaries, storage facilities, distributors, processors, and manufacturers.
California regulators were the first to approve the AAIS Cannabis Businessowners Policy in June 2018; Colorado regulators approved the program in April 2019.
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