PRODUCT: Cannabis Product Recall.

COMPANIES: Burns & Wilcox, Summit Specialty.

BEST RATING: A

AVAILABILITY: Appointed agents and brokers only.

FOCUS: Recently, Burns & Wilcox announced its new, first-of-its-kind, standalone solution for cannabis product recalls and contamination.

U.S. cannabis cultivators, manufacturers and supply-chain partners are faced with high potential costs of recalling products due to increased governmental testing, oversupply of products and ever-changing regulation requirements. Further, industry challenges are diverse and complex. Contaminated products from pesticides, mold or foreign materials, mislabeled products, packaging defects, and failed testing can all have a significant impact on a company's business and reputation.

Burns & Wilcox has numerous professionals who have specialized in cannabis for more than a decade on staff. The cannabis product recall offering complements an already wide array of cannabis solutions, underpinning the company's experience and long-standing relationships in the marketplace.

COVERAGE DETAILS: While other insurers use more restrictive exclusions and limited coverage, Burns & Wilcox is the first to market a comprehensive solution suited for growers, manufacturers, extractors and dispensaries.

Insured event triggers include impairment, government recall, malicious product tampering and product extortion. Covered losses include crisis consultancy costs, loss of gross profit, recall costs, extortion costs, rehabilitation costs, forensic accounting costs, third-party recall liability damages, extra expense and replacement costs.

UNDERWRITING: A quote for Cannabis Product Recall can be provided with any complete cannabis application. The coverage usually has a $25,000 retention and the minimum premium is typically around $5,000.

TARGET: Larger cannabis operations with a risk management person or process in place. Target classes include dispensaries and retail operators, vertically integrated operators, growers and cultivators, manufacturers and extractors, including concentrates, gummies, beverages, baked goods and vapes.

COVERAGE AVAILABILITY: All U.S. states.

CONTACT: Jason Scheurle, national product leader, cannabis, Burns & Wilcox; 248-539-6021.

Will Jones is IA editor-in-chief.