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US: "With the rapid development of the cannabis sector, insurance will play a key role"

Insurance distribution firm BRP Group is launching AlphaRoot, a management liability insurance program calibrated to the cannabis, hemp, and CBD industries within its indirect subsidiary Millenial Specialty Insurance, LLC dba AlphaRoot. 

Management liability refers to a package of insurance policies intended to protect a company, its directors, and its officers. The program which is exclusively available to AlphaRoot clients includes:

  • Directors & Officers Insurance (D&O): This protects both the company and the individual directors and officers of the company from claims brought against them for the management of the company.
  • Employment Practices Liability Insurance (EPL): This protects the company from claims alleging mistreatment of their employees (i.e., HR-related claims).
  • Fiduciary Liability Insurance: This protects from legal liability should a benefit plan administrator miscalculate, mishandle, or practice improper plan care.

"Given the rapid development of the cannabis sector and the continued trend of state legalization, insurance will play a key role in ensuring responsible growth. With the new program, we aim to empower cannabis companies to focus on expansion, bridging the gap between comprehensive coverage and the right price point for private-held cannabis operators," says Drew Taylor, Managing Director and Head of Broking at AlphaRoot.

"Over the past six to 12 months, we've seen a number of new entrants try to solve the problem that many private cannabis operators face with management liability insurance — it's too expensive and the coverage is too restrictive. We feel our Management Liability Program pushes the industry toward a solution that offers flexible coverage with the operator's budget in mind."

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