- Posted by astkhik
- On June 19, 2015
- cannabis law, insurance coverage, Next Wave
For more information: Jeff Ward at 619-232-3900 (ext.107)
Next Wave Insurance Services enhances their Cannabis Insurance Program with New Carrier Partners
With the Lloyd’s of London recent announcement to exit the cannabis market, the new program brings welcomed stability to the emerging medical marijuana industry
San Diego CA, June 9, 2015 – The Managing General Underwriter and Program Administrator firm, Next Wave Insurance Services, LLC (“Next Wave” or “the Company”), has launched a new Cannabis, CBD & Hemp Insurance Program backed by top rated carrier partners providing enhanced and comprehensive insurance coverage. The program offers all lines of coverage on a surplus lines basis with expanded property and crop limits for a wide range of medical marijuana and other cannabis related businesses including:
In 2014, Next Wave acquired MMD Insurance Services, a wholesale operation that had been one of the original firms offering coverage to the medical marijuana market written through Lloyd’s of London. Following the merger into Next Wave, the Company set out to find stable “A” rated markets better able to support the rapidly expanding industry as more states legalized marijuana for medicinal and recreational use.
The program is managed by Next Wave’s Senior Vice President, Mike Aberle in the companies office located in Rancho Cordova CA. Mr. Aberle was the founder of MMD Insurance and one of the pioneers in designing the first “seed to sale” cannabis program offered through MMD Insurance over the past several years.
The Company expects to be the premier player in the cannabis and hemp market offering the following coverage lines: General Liability, Products Liability, Property, Crop, Excess, Equipment Breakdown and Workers Compensation.
“We’re excited to have the backing of our new carrier partners, particularly given the growth dynamics in the cannabis marketplace. There’s been a real demand from our agents and brokers to offer a more robust program that can properly protect our insureds as they rapidly expand their operations and new businesses open daily. We recognize the opportunity to bring a greater level of underwriting discipline to this heavily regulated industry and we expect to write those accounts that understand the need for strong risk management.” states Jeffrey Ward, CEO of Next Wave.
The Next Wave program has significantly increased the coverage limits available to insureds with the former Lloyd’s of London program. It now offers increased per location property limits of $10.0 mil with no cap and Crop limits of $5.0 mil per location. They also provide up to $4.0 mil Excess Liability over a $2.0 mil primary limit.
“With the recent announcements concerning Lloyd’s of London, the Next Wave program has been well received as our insureds and insurance agents search for a solution. Over the years our cannabis program has always redefined itself to not only meet the needs of today’s cannabis business owner, but to adjust our coverages as the industry evolves and state regulations are enacted” states Michael Aberle SVP of Next Wave. “Our years of underwriting experience in the industry has led to a more analytical approach to assessing this risk class, including the valuation of the marijuana crop and other products”.
About Next Wave
Next Wave was founded in 2004 by Jeffrey Ward and his insurance holding company, The Ward Group, LLC (“TWG”). With offices in San Diego and Rancho Cordova CA, Next Wave operates as a Program Administrator, Managing General Underwriter and Wholesale Brokerage firm offering independent agents and brokers a broad range of commercial, personal lines, accident and travel related insurance products nationwide. The Company represents leading international and domestic carrier partners to write traditional and specialty lines of coverage. The firm also develops and distributes niche programs supported by leading edge technology.
To learn more, visit the Next Wave website: www.nextwaveins.com