CHES Special Risk Inc. is one of the preeminent Product Recall and General Liability Package providers to the Cannabis Contamination Insurance Industry and have designed a bespoke liability solution specifically for a broad spectrum of industries operating within this newly emerging segment. Our product provides a unique solution covering the liabilities associated with the Industry, and also the high cost of recall, should something be wrong with the product once released to the public.
A unique Cannabis Contamination insurance product underwritten by a leading global insurer, available exclusively to select London specialty brokers.
BACKGROUND AND KEY FEATURES
- A high level of scrutiny in the cannabis industry will drive recall activity.
- The policy offers true balance sheet protection in the aftermath of a damaging incident, as well as the financial support required to repair reputational harm.
- Coverage complies with Canadian regulatory insurance requirements
WHO IS IT FOR?
Licensed companies, regardless of size, engaged in the Canadian medical and recreational marijuana industry, including the following:
- Cultivators & Harvesters
- Processors & Manufacturers
- Retailers & Brand Owners
HOW WILL THE POLICY TRIGGER?
- An accidental contamination
- A malicious contamination
- A product extortion
- A government mandated recall
- The suspension of operations by a regulatory authority
- Adverse publicity alleging any of the above
HOW MUCH CAPACITY IS AVAILABLE?
IS THERE A MINIMUM PREMIUM?
WHAT COVER IS PROVIDED?
- Pre-recall expenses
- First party recall costs
- Third party recall costs
- Increased cost of working
- Product destruction and replacement costs
- Loss of gross profit (up to 18 months)
- Brand rehabilitation expenses
- Product extortion costs
- Liability to third parties
- Defence costs
- Crisis consultant costs
Consultant support coordinated by Crisis24 is available to insureds at all stages of an incident, and as a preventative tool to reduce the likelihood of an incident.
The CHES Special Risk team are on hand to assist with insurance solutions for Canadian companies across the spectrum of product risk, including:
- Food and beverages
- Consumer durables
- Automotive components
- Medical devices
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