M.J. Hall & company, a wholesale insurance brokerage company, announced that they are currently the only wholesaler to have access to an admitted carrier for cannabis in the state of Arizona.
The company ppartnered with an “A”-rated insurer to offer Cannabis Businessowners Policy (CannaBOP) which provides admitted coverage suited for cannabis industry business owners and their insurance needs.
There are currently 130 registered nonprofit medical marijuana dispensaries in the state of Arizona, which serve some 301,000 qualified medical marijuana patients. The legalization of cannabis will lead to an increase in business.
CannaBOP was not available in Arizona before. It was only available in California but due to the recent partnership of M.J. Hall & company it is now available in Arizona as well.
“M.J. Hall & Company is thrilled to be on the forefront of CannaBOP’s introduction into the Arizona marketplace,” said M.J. Hall president John Donahue. “With this offering, M.J. Hall is in a unique position to offer the cannabis businessowners of Arizona comprehensive coverage to help them succeed and grow in this industry.” CannaBOP will write property limits up to $10 million in total insured values, $1 million in cannabis stock, and up to $2 million in business income. The product also features general liability coverage with limits of $1 million per occurrence, as well as $2 million in the aggregate for premises liability, $1 million in limits for products liability, and $2 million in the aggregate on a claims made basis.