PAMCIG and Next Wave Insurance Partner to Bring Insurance Coverage to PA’s Medical Marijuana Industry

PR Newswire

HARRISBURG, Pa., Dec. 20, 2016 /PRNewswire/ -- The Pennsylvania Medical Cannabis Industry Group ("PAMCIG") has partnered with Next Wave Insurance Services, LLC ("Next Wave"), which is backed by top rated insurance and reinsurance carrier partners providing comprehensive insurance coverage nationwide. The partnership between the largest marijuana trade association in the state and the leading provider of property and casualty insurance will bring a valuable solution to the potential applicants for Pennsylvania's medical marijuana industry.

The products offered through Next Wave will include all lines of coverage with expanded Property and Crop limits, including Products Liability for a wide range of medical marijuana and other cannabis related businesses including:

Dispensaries
Growers and Processors
Franchisors
Laboratories
Landlords/Building Owners
Property Managers

Pinnacle Risk Services, Inc. ("Pinnacle"), a licensed insurance agent and preferred provider of PAMCIG and Next Wave, will work closely with PAMCIG, its members and others by offering Next Wave's cannabis program to members and placing medical marijuana insurance with Next Wave.

Early in 2015, PAMCIG was founded to be a voice for the medical marijuana industry in Pennsylvania and advocate for a comprehensive, well-regulated and sustainable system for qualifying Pennsylvania patients to access safe, high-quality medical cannabis. In addition, PAMCIG is also a hub for the finest industry and vendor solutions at the best prices.

In early 2015, Next Wave launched a new and enhanced Cannabis Insurance Program after several years of brokering medical marijuana related accounts underwritten through Lloyd's of London. The firm also added several lines of coverage never offered, such as Product Withdrawal and a new workers compensation program.

"This is what we wanted when we first formed PAMCIG – to have a comprehensive list of benefits, preferred vendors, and the best legal and lobbying resources in the state under one roof. That definitive vision is being realized as we approach the end of temporary regulation promulgation and application window. Our members will be the best applicants because they have the best resources – it's as simple as that," says Andrew Blasco, Executive Director of PAMCIG.

PAMCIG has grown significantly since the passage of PA's medical marijuana law back in April of this year. It had provided advocacy to the state with the industry interest's in mind throughout the legislative and regulatory process.

"After constructing a solid product in ACT 16, we hired experienced counsel to ensure we had effective yet sensible regulations which would govern the program. Their legal and lobbying efforts on our behalf have been immeasurable and are helping us craft and offer ancillary products and programs, such as the comprehensive cannabis insurance program developed by Next Wave Insurance and offered through Pinnacle."

Next Wave, through PAMCIG and Pinnacle, expects to be the premier insurance underwriters in Pennsylvania offering the following coverage lines at discounted prices: General Liability, Products Liability, Product Withdrawal/Recall, Property, Crop, Excess, Equipment Breakdown and Workers Compensation.

"We're excited to partner with PAMCIG, Pinnacle and our insurance carrier partners to provide this program and products to cannabis related business owners in PA. There's been a real demand in this emerging industry to offer a tailored, more robust insurance program that can properly protect our insureds as they open and expand their operation. 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. "Our years of underwriting experience in this industry have led to a more analytical approach to assessing this risk class, including the valuation of the marijuana crop and other products."

About PAMCIG

PAMCIG was founded early in 2015 by Andrew Blasco and a collection of aspiring applicants for the medical marijuana industry in Pennsylvania. Headquartered in the state capital of Harrisburg, PAMCIG operates as a non-profit trade association which advocates for the medical marijuana industry. In addition to providing lobbying, legal services, and other benefits, it serves as a conduit to ancillary industry vendors and financiers.

About Next Wave

Next Wave was founded in 2004 by Jeffrey Ward and his insurance holding company, The Ward Group, LLC. 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.

About Pinnacle

Pinnacle Risk Services, based in Pennsylvania, provides independent insurance brokerage and objective professional risk management service to clients through Pennsylvania and the United States. Pinnacle's Managing Principal, Kenneth M. Maher, has over 30 years of industry experience and has held senior executive positions with the Nasdaq Insurance Agency, PriceWaterhouseCoopers, Meridian Bancorp and Jeanes Hospital.

To learn more, visit www.pamcig.org, www.nextwaveins.com and www.pinnacleriskservices.com

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SOURCE Pennsylvania Medical Cannabis Industry Group