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Lisle, IL, April 22, 2019 (GLOBE NEWSWIRE) -- AAIS (the American Association of Insurance Services), the only national not-for-profit insurance advisory organization governed by its Member companies, announced that it had gained approval for its Cannabis Businessowners Policy (CannaBOP) program from the Colorado Department of Insurance in time for 4/20.
The ground-breaking CannaBOP was first introduced by AAIS in California last year. The AAIS Colorado CannaBOP program provides a package policy with both property and liability coverage for qualifying Colorado cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and private cannabis testing facilities and laboratories.
The U.S. cannabis industry is expected to generate more than $20 billion in medical and recreational sales, and over 250,000 jobs by 2020. With an approved policy form, carriers are better able to respond to the unique risks inherent in cannabis businesses within Colorado.
The CannaBOP program comes fully supported with rules and loss costs. 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.
“Providing coverage in growth markets is a source of tremendous opportunity for insurers,” according to Robert Guevara, Vice President of AAIS Inland Marine and Commercial Lines. “The Colorado CannaBOP Program enables AAIS Members to respond to the insurance needs of customers in a fast-emerging market with an admitted policy.”
It is AAIS’s mission to deliver CannaBOP and other cannabis-specific programs to insurers in all states with established cannabis markets. As the most experienced recreational market in the U.S., Colorado was a logical next step for CannaBOP. AAIS intends to develop similar programs for Alaska, the District of Columbia, Maine, Massachusetts, Michigan, Nevada, New Jersey, New York, Oregon, Vermont, Washington, and more.
Established in 1936, AAIS serves the Property & Casualty insurance industry as the only national nonprofit advisory organization governed by its member insurance carriers. AAIS delivers tailored advisory solutions including best-in-class policy forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture and personal lines insurers. Its consultative approach, unrivaled customer service and modern technical capabilities underscore a focused commitment to the success of its Members. AAIS also serves as the administrator of openIDL, the insurance industry’s regulatory blockchain, providing unbiased governance within existing insurance regulatory frameworks. For more information about AAIS, please visit www.aaisonline.com.
John Greene American Association of Insurance Services (AAIS) 630.457.3238 firstname.lastname@example.org