LAS VEGAS, Dec. 2, 2020 /PRNewswire/ -- The National Cannabis Risk Management Association (NCRMA) is pleased to announce the launch of the first of several insurance products designed to normalize insurance availability and coverage all along the cannabis vertical.
TRICHOMETM Risk Protection Products will initially provide property, general premises liability, and products liability coverages to stand alone member dispensaries and dispensaries with a vertically integrated associated grow. Appointed brokers, who have been vetted and approved by the NCRMA, will work with directly with the program Managing General Agents to service the growing NCRMA membership.
The NCRMA initially announced its intent to endorse an exclusive captive backed insurance program during MJBIZCON 2019, but the effort has been delayed by the pandemic, according to the organization's senior leadership.
"The challenge associated with the creation of an association owned captive insurance company for NCRMA members has been daunting," said Rocco Petrilli, chairman of the NCRMA. "The hardening effect of the pandemic on the insurance marketplace along with the increase in natural calamities such as hurricanes and wildfires have produced multiple barriers which have slowed the creation of the initial TRICHOMETM products."
"Our differentiator remains to be the NCRMA and its boundless approach to risk management which has satisfied the appropriate carrier and re-insurance capacity that the NCRMA presence will greatly reduce risk and create a best in class of insured."
Petrilli also serves as president and director of the insurance solution. His primary focus is the launch and cost-effective growth of both organizations and to assure that NCRMA members receive TRICHOMETM and other risk management products and services that "make the members better."
The TRICHOMETM products are expected to be available to the NCRMA membership early in 2021.
About the NCRMA
NCRMA provides a rapidly growing membership with pioneering and innovative risk management and insurance solutions through its expansive list of high-value service partners and offerings. Founded in 2018, the not-for-profit has established itself as the leader in providing cost effective and comprehensive non-traditional risk management solutions to the non-traditional cannabis market. To join, visit https://ncrma.net
SOURCE The National Cannabis Risk Management Association
