PITTSBURGH, April 20, 2021 /PRNewswire/ — The National Cannabis Risk Management Association (NCRMA) is endorsing a suite of insurance products designed to serve the needs of its members and the overall cannabis industry.
The products will be available through Trichome™, an insurance brand which is part of the association captive owned by the NCRMA.
This entity has been established to initially offer property, general premises liability and product liability coverage to cannabis dispensaries and associated grow facilities. These products are available immediately, and additional lines of coverage and progression up the vertical are planned for later this year. «The launch of Trichome™ is a direct response to our members expressed need for fairly priced and risk management-based insurance coverage to a rapidly emerging and evolving industry,» said Rocco Petrilli, chairman of the NCRMA.
Only a few insurance providers currently offer products to the industry because cannabis remains illegal on the federal level. According to NCRMA’s members, those limited offerings have high premiums and inadequate coverages and services. This has hampered the success of the cannabis industry.
«We believe that effective risk management practices are essential for moving the cannabis industry forward in a sustainable way,» said Petrilli. «The NCRMA is 100 percent focused on risk management because risk management without insurance is incomplete and insurance without risk management is illogical. Trichome™ is the first cannabis-centric insurance solution of its kind, and it’s going to change the future of this industry.»
NCRMA’s captive-based model provides significant financial and operational advantages to its members in addition to risk management, including:
- Accurately priced premiums
- Holistic approach to underwriting
- Appointed brokers vetted by criteria established by NCRMA members
- Insurance products birthed by cannabis risk management (NCRMA)
- Short term profit taking replaced by long term stability and reward
«We’re privileged to lead the charge in delivering effective risk management and insurance options to the cannabis industry,» Petrilli said. «We believe that a captive model, Trichome™, will successfully forge the path to insurance sustainability and enable cannabis businesses to move forward with growth safely and responsibly.»
About the National Cannabis Risk Management Association (NCRMA)
NCRMA provides a rapidly growing membership with innovative risk management and insurance solutions through its expansive list of 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 services to the cannabis market through education, support, and expertise. To join, visit https://ncrma.net.
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