Professions

Professions

Professions

Professional Indemnity Insurance can be both diverse and complex with policies available for a broad range of professional undertakings. This means underwriters need to understand your risk fully to ensure coverage is, not only compliant but also tailored exclusively to meet the bespoke needs of your business and insurance requirements.

Many professionals are involved in contracts engaging a number of other co or sub contractors or other parties by virtue of ‘duty of care’. Notwithstanding a minority proportion, if at all of liability can be attributed to a professional, pursuing parties may take the full value of claim against them. the defence costs alone in dealing with such claims can exceed the loss paid.

We at Wimsure pride ourselves on the understanding of our clients business and it is this understanding which forms the cornerstone of our underwriting philosophy.

Whilst there are a wide range of professions underwriters deal with, we understand that not all businesses conform to a preordained model and that, in order to provide a comprehensive solution for the more esoteric risk we need to understand the inner workings of each business we come into contact with.

We believe in taking a view on each risk as it presents itself and are able to adjust our underwriting tact to suit the needs of any business, no matter their size or professional offering.

Shot of a businessman and businesswoman using a digital tablet together in a modern office

Management Liability

PRODUCT HIGHLIGHTS

• Private Company D&O and EPL

• Market leading modular forms designed specifically for cannabis, CBD & hemp clients

• Risk management services for CannGenPRO policyholders

D&O:

• Full Side ABC coverage

• Broad cannabis regulatory coverage

EPL:

• Third party liability included

• Wage & Hour defense sub-limit by endorsemen

COVERAGE OPTIONS

• Primary coverage

• Limits Up to $5M aggregate

• Separate or combined D&O/EPL

• Duty to defend form with deductible

• Duty to indemnify form with self-insured retention

• Prior acts coverage available

• No Controlled Substance Act exclusions

• Side A carve-backs for certain exclusions

• Manuscript endorsement options by referra

APPROVED CLASSIFICATIONS

• Cultivators

• Processors / Harvesters

• Manufacturers / Extractors

• Wholesale Distributors

• Transporters

• Dispensaries

• Retailers

• Non-Storefront Delivery

• Ancillary Businesses

APPETITE/ELIGIBILITY CRITERIA

• Business is domiciled and operates exclusively

in legal cannabis, CBD & hemp states

• Start Ups / New Ventures acceptable

• Capital / Funding raises

• 51% or more of total revenue must derive from

cannabis, CBD & hemp

• All classes including ancillary service providers

• Asset sizes up to $500M

• Employee count up to 250

INELIGIBLE RISKS

• Public companies

• Assets greater than $500M (referral only)

• Employee Count greater than 250 (referral only)

• Non-US/CAN domiciled risks

HOW TO SUBMIT

Email Submissions:

CannGenPRO submissions will be accepted via email at canngenpro@canngenins.com

Submission Requirements:

• CannGenPRO application

• Audit financials (if available); or 12 month balance sheet and income statement

• List of board members and management team

• Capitalization table

• Business plan/pitch deck (if start up)

• Loss runs (currently dated)

BEST SOLUTION FOR YOUR BUSINESS

Reliable services for your specific needs

Accountants

Providing advice relating to individuals finances is a complex and meticulous area that requires a high level of knowledge and expertise. Incorrect calculations or small oversights could almost certainly cause financial loss to their clients.

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Architects

Architects principal function is design and specification of buildings. The main transfer of risk is in the form of remediation costs incurred by third party clients who contract the architect to implement a build.

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Design & Construction

Design and construction or Design and build policies affords cover for the design element of build works and is rated in the same context as Engineers for this element of works. Rating is divided between: Where a firm constructs froms its own design.

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Engineering

Engineers cover a wide spectrum of activities ranging from Structural to Electrical and Mechanical, each area proving challenging and requiring procedures to be implemented.

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Surveyors

A surveyors responsibilities can vary from one professional to the next and due to the complex nature of surveying risks it is vital insurers fully understand the business of the insured.

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Insurance Intermediaries

Insurance Intermediaries facilitate the purchase of insurance and provide a specialised transfer of risk process between the insured and insurers relating to all classes of business.

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Directors and Officers

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Solicitors

The last year has seen radical changes in the governance by the Solicitors Regulatory Authority in liaison with London Market broker and insurer representatives. Much debate has focussed on problems invoked by unrated capacity in the market.

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Miscellaneous

The title ‘Miscellaneous’ is as broad as you might imagine and is normally used to encapsulate most risks outside of what insurers may consider their ‘core’ or ‘traditional’ target professions such as surveyors or architects etc.

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READY TO PROTECT YOUR BUSINESS?

Get In Touch

ADDRESS

6 Lloyd's Avenue, London, EC3N 3AX

PHONE

0203 058 1090

EMAIL

info@wimsure.com

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