Insuring cannabis clinical trials – a how to guide
Risk goes hand-in-hand with growth potential. Cannabis operations, including cannabis clinical trials, require specialized coverage. And because the cannabis industry is so new and products are subject to specific regulations, insuring a clinical trial requires expert guidance. Not every insurance company is open to cannabis exposures and even the ones that are are concerned about:
- High potential for fire and inventory spoilage
- Misinterpretation of Canadian cannabis laws and regulations
- Costly inventory and high exposure to business interruption risks and more…
This is why talking to an insurance broker who specifically understands the Canadian cannabis insurance market is so important. ALIGNED brokers know how to place cannabis risks and are experts in navigating coverage options in today’s marketplace.
What insurers want to know before insuring a cannabis clinical trial
Only a select group of insurance companies in Canada will insure cannabis-related risks. When they do, they want to know:
- The details of the clinical trial protocol documentation
- Information about all informed consents
- The business experience of organizations
- Relationships between all involved parties (as applicable)
ALIGNED brokers work with cannabis clients across Canada and know what risks concern insurers the most. Working with directly with you, they will help get the best coverage options aligned for your clinical trial. Related Matters: CCIC: Educational resources: lower-risk cannabis use guidelines, Health Canada documents, Canadian Cannabis Survey 2018 and more
Cannabis industry – key coverage explainers
Insuring any company that does business in the cannabis field isn’t 100% straightforward. Here’s some info about the specific risks and exposures cannabis companies should be aware of when buying or renewing coverage:
- Accessory companies
- Edibles company coverage
- Growers insurance
- Health products
- Landlord insurance
- Retail insurance
- Various cannabis company industry coverage
Growth potential and risk can both be managed. Talk to us about how to get your cannabis clinical trials and other operations the best coverage options.