Our consultants regularly provide expert actuarial consulting services to insurance companies developing programs focused on the cannabis industry. Our clients include players in both the admitted and surplus lines markets. In addition, we provide our services to entities insuring their cannabis-related exposures outside of traditional insurance via alternative risk transfer mechanisms such as captive insurance companies. Our consultants have provided the following actuarial services related to cannabis and hemp:
- Risk transfer analyses
- Pricing and product development, including customized policy forms and rating plans
- Creating underwriting score models
- Researching state-by-state compliance issues
- Reviewing new company business plans
In addition, our consultants played a crucial role in the development of the CannaBOP product offered by AAIS by analyzing market exposures and developing rating guidelines specific to the cannabis industry. CannaBOP provides a package policy containing both property and liability coverage for qualifying cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and private cannabis testing facilities and laboratories.
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