The American Association of Insurance Services has expanded its Cannabis Businessowners Policy program with a new filing in Colorado and intends to expand to Alaska and other states.
The organization describes itself as “the only national not-for-profit insurance advisory organization governed by its member companies.”
AAIS introduced its cannabis program in California at the request of the state’s insurance commissioner, according to an AAIS news release.
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, according to the news release.
“During development, AAIS partnered with Merlinos & Associates Inc., the actuarial consulting group, to help analyze market exposures and develop rating guidelines specific to the cannabis industry,” the news release states.
“It is AAIS’s mission to deliver CannaBOP and other cannabis-specific programs to insurers in all states with established cannabis markets,” the news releases states. “As the most experienced recreational market in the U.S., Colorado was a logical next step for CannaBOP. “