BRP launches AlphaRoot, targeting Cannabis industry
Baldwin Risk Partners , an independent insurance distribution firm, announced the launch of the AlphaRoot management liability insurance program calibrated to the cannabis, hemp, and CBD industries within its specialty indirect subsidiary, Millennial Specialty Insurance , LLC dba AlphaRoot.
The program includes:
- Directors & Officers Insurance (D&O): This protects both the company and the individual directors and officers of the company from claims brought against them for the management of the company.
- Employment Practices Liability Insurance (EPL): This protects the company from claims alleging mistreatment of their employees (i.e., HR-related claims).
- Fiduciary Liability Insurance: This protects from legal liability should a benefit plan administrator miscalculate, mishandle, or practice improper plan care.
AlphaRoot’s strategic partnership with their in-house Managing General Agent (MGA) provides the capacity to write management liability insurance for private cannabis operators. This program will be exclusive to AlphaRoot’s clients and offer unique coverage features, including:
- Up to $5M in limits for D&O
- $1M in limits available for EPL and Fiduciary
- Flexible policy customizations with the ability to tailor to the insured’s needs from a pricing and coverage perspective
- Policies written on Am Best A rated paper
- Expertise with underwriting emerging industries and ‘disruptive technologies’ outside of cannabis
“Over the past six to 12 months, we’ve seen a number of new entrants try to solve the problem that many private cannabis operators face with management liability insurance—it’s too expensive and the coverage is too restrictive. We feel our Management Liability Program pushes the industry toward a solution that offers flexible coverage with the operator’s budget in mind.” – Drew Taylor, Managing Director and Head of Broking at AlphaRoot.
“We believe this will be revolutionary for the industry and we are excited about this development. Coverage options are generally limited in the cannabis industry so we’re thrilled to be able to present a new program to our clients.” – Eric Schneider, Managing Director and Head of Growth of AlphaRoot.