What:
BRP Group announced the launch of the AlphaRoot management liability insurance program for the cannabis, hemp, and CBD industries.
Why:
With the rapid development of the cannabis sector and continued state legalization, insurance will play a key role in ensuring responsible growth. AlphaRoot aims to empower private-held cannabis companies to expand, bridging the gap between comprehensive coverage and the right price point.
How:
- AlphaRoot’s management liability insurance program refers to a package of insurance policies intended to protect a company, its directors, and its officers and include:
- Directors & Officers Insurance (D&O): This protects the company, its directors, and officers from claims brought against them for the company’s management.
- Employment Practices Liability Insurance (EPL): This protects the company from claims alleging mistreatment of their employees.
- Fiduciary Liability Insurance: This protects from legal liability should a benefit plan administrator miscalculate, mishandle, or practice improper plan care.
- AlphaRoot’s partnership with their in-house Managing General Agent (MGA) allows them to write management liability insurance for private cannabis operators.
- This program for AlphaRoot’s clients will offer coverage features, including:
- Up to $5M in limits for D&O
- $1M in limits available for EPL and Fiduciary
- Flexible policy customizations tailored to the insured’s needs from a pricing and coverage perspective