The wholesale insurance brokerage company will introduce CannaBOP to Arizona businessowners beginning March 8th, 2021.
San Francisco, CA March 8, 2021 M.J. Hall & Company, a wholesale insurance brokerage covering the western United States, announced today that they are now the only wholesaler to have access to the first admitted carrier for cannabis in Arizona, thanks to an exclusive partnership with an A rated insurer. The product, Cannabis Businessowners Policy (CannaBOP), provides admitted coverage tailored to the unique needs of cannabis industry business owners. Previously only available in California, this expansion into Arizona provides a new opportunity for cannabis businessowners in the state, at a time when industry expansion is rapidly growing.
There are currently 130 registered nonprofit medical marijuana dispensaries in the state of Arizona, with 301,000 qualified medical marijuana patients1. With the legalization of adult recreational marijuana use passing in the November 2020 general election, the volume of business licenses, as well as consumers, is poised to increase significantly in the coming year.
“M.J. Hall & Company is thrilled to be on the forefront of CannaBOP’s introduction into the Arizona marketplace,” says John Donahue, President of M.J. Hall. “With this offering, M.J. Hall is in a unique position to offer the cannabis businessowners of Arizona comprehensive coverage to help them succeed and grow in this industry. As a company, we have a longstanding history of supporting the cannabis industry, and we are proud to continue that tradition by bringing CannaBOP to Arizona.”
CannaBOP will write property limits up to $10 million in total insured values, $1 million in cannabis stock and up to $2 million in business income. For general liability, limits of $1 million per occurrence and $2 million in the aggregate are available for premises liability and up to $1 million in limits for products liability and $2 million in the aggregate on a claims made basis.
About M.J. Hall & Company
Founded in 1973 by Michael J. Hall, M.J. Hall & Company began by brokering aviation risks for Howard Hughes. Today, M.J. Hall is one of the most experienced and longest-running surplus lines brokerage firms in the United States. They represent 75+ insurance carriers and offer products covering the most typical to the most unique risks imaginable. They were the first wholesaler to have access to the first admitted carrier for cannabis in California and are proud to extend that distinction into the Arizona marketplace.
For more information on M.J. Hall & Company, visit mjhall.com
AZ # 1800003848
1.Arizona Department of Health Services Arizona Medical Marijuana Program February 2021 Monthly Report