CannGen Insurance Launches CannGenPRO Division and Expands Comprehensive Product Offerings to ...
San Diego, CA, Aug. 26, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CannGen Insurance Services (“CannGen” or the “Company”), the first and premier insurance underwriting facility specialized in the cannabis, CBD, and hemp industry, announced today that the Company has launched a new division called CannGenPRO, which is designed to fill an industry need for Management and Professional Liability insurance. Under this division, the Company is now offering Directors and Officers (D&O) liability insurance and Employment Practice Liability (EPL) for private companies operating legally in the U.S. and will entertain limits of up to $5M on combined or single exposure line basis.
“While the COVID-19 pandemic devastated many industries, it served as a catalyst for the U.S. cannabis industry, which was deemed ‘essential’ and reached a record $17.5 billion in legal cannabis sales in 2020. With that growth, increased revenue and the current cannabis M&A trend comes larger risks to an industry that struggles to find proper insurance coverage. For that reason, we see this as the perfect time to expand our product suite to include these highly sought after solutions,” said Charles Pyfrom, CMO of CannGen.
D&O insurance generally protects directors and officers and/or their company or organization in the event they are sued. EPL covers the actions of the operator against employment practices. Since cannabis remains federally illegal, companies and their executives in the industry typically struggle to find proper insurance with appropriate coverage and protection for these two exposures, leaving a large need in the market that can be filled through CannGen’s newest offering.
“The launch of CannGenPRO is a fantastic development for both CannGen and the wider cannabis, CBD and hemp industries,” said Ben Sibthorpe, Vice President of CannGenPRO. “I’m delighted to join the CannGen team and combine their many years of expertise and excellence with a dedicated, specialist Management Liability product offering. CannGenPRO will serve all stakeholders with meaningful coverage that reflects the importance and growth of this industry.”
In addition to D&O and EPL insurance, the Company’s key offerings include property coverage, which includes crop coverage, general liability coverage, products liability coverage, transportation insurance (auto & motor truck cargo), workers’ compensation, and excess liability coverage.
To learn more about CannGen, please visit the Company online at https://www.canngenins.com/ or ask your broker how CannGen’s offerings may be the insurance solution for your business.
About CannGen Insurance Services
Since 2008, CannGen has provided the first Managing General Underwriter (MGU) to exclusively focus on the legal cannabis industry. Underwriting for both ancillary and plant-touching companies in the cannabis industry, CannGen has become a one-stop shop for comprehensive insurance coverage in all legalized states in the U.S. as well as Canadian provinces through its sister company Next Wave Insurance Canada. CannGen’s offerings are ideal for start-up businesses, multi-state operators and all businesses in between as CannGen offers highly customizable products depending on a company’s needs. https://www.canngenins.com/.
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