New Cannabis Insurance Offerings
Cannabis and the Growing Industry in South Africa?
Last week saw South Africa in the limelight following our Presidents Speech at SoNA 2022. Government is said to be fast-tracking regulations to allow the development of this budding industry. It is believed the Cannabis industry has a huge potential for creating job opportunities as well as assisting South Africa get back on track following the set back of the COVID-19 Pandemic. There is huge potential for Investors to get on board at this early stage to build a modern and economically viable large scale production hub. Beyond that, the opportunities that lie ahead for this unique product are endless. From a medical perspective as well as an industrial one, technology is now at a point where there are a variety of options.
The full Speech from President Cyril Ramaphosa can be read below.
President Cyril Ramaphosa: 2022 State of the Nation Address | South African Government (www.gov.za)
Hot, Hip and Happening
You heard right. We here at Blue Anchor Risk Solutions are back at it and bringing new products to the market once again.
The Journey started 9 months back during a time of unrest and questions, when the Industry had a mini breakdown thanks to the COVID-19 Pandemic. What crazy person would have thought it a good time to come up with something new, fresh and innovative. The answer? Us of course.
With the world changing and new things happening a little idea has grown into a BLOOMING market. Yep that’s right, we at Blue Anchor have started the first and only comprehensive cover available in SA for Growers of medicinal Cannabis. We’re not stopping here, as the Cannabis Market grows so will our Product line, but to start we have our Cannabis Liability Cover in place.
Read all about it here in an Article written for Cover Magazine (April 2021) by our very own Ildiko Richardson, the brains behind the Madness.
What is a GL/Products Pollution policy?
Products Pollution coverage is a package liability product available to many manufacturers and distributors. A combination GL/Products/Product Pollution Liability policy includes Bodily Injury, Property Damage, and Clean Up coverage for third party claims. The Products Pollution coverage part can be provided by either a stand-alone policy or by endorsement to the GL and is available on a claims made basis.
Why is Products Pollution Insurance coverage important?
- It protects the insured against a product failure that may cause a pollution condition.
- Many General Liability and Product policies deny coverage for Bodily Injury/Property Damage and Defense arising from the discharge of pollutants from a product.
- Most General Liability and Product policies deny Clean Up coverage claims that stem from a pollution condition.
- Distributors may not find protection from the manufacturer. Especially if the manufacturer is domiciled overseas.
Products Pollution coverage enhancements to look for:
- Sudden/accidental spill coverage for the insured’s owned/leased premises.
- First and third party “over the road”/rail Transportation Pollution Liability
- Natural resources damage
- Loading/unloading pollution
- World wide protection
- Mould/indoor air quality coverage for the premises
- Blanket waiver of subrogation
- Waste stream pollution coverage at non-owned locations.
Who should buy Products Pollution coverage?
Classes of business typically needing Products Pollution coverage include:
- Industrial coatings: paints varnish, sealers, and inks
- Adhesives: glue, caulk, and plastics
- Aerosols: storage and filling paints
- Biodiesels: ethanol and alternative fuels
- Lubricants: grease and other lubes
- Plastics: pellets, injection molding, etc.
- Rubber: recycling, injection molding, etc.
- Industrial soaps
- Solvents and the raw materials used in the solvent process
- Fertilizers
- Products that carry, contain, measure, move, or otherwise process pollutants such as: drums, tanks, pipes, tubing, pumps, valves, and compressor, or other machinery/equipment.
Manufacturers and distributors of imported or domestic products should be covered in the event of a products pollution claim. Distributors selling products made in a foreign country may find that these countries will not defend insurance claims relating to products being sold in the Republic of South Africa.