Leading the Excess and Surplus Lines Market with Innovative Coverage for Cannabis and Nutraceutical Industries
WEST CONSHOHOCKEN, Pa., Jan. 30, 2024 /PRNewswire/ — LIO Specialty Insurance Company proudly announces the launch of its state-of-the-art online portal. This innovative platform is set to transform the insurance process for wholesale brokers, offering the ability to quote, bind, and issue policies in a matter of minutes.
Exclusive Technology for Efficient Insurance Processing
LIO Specialty’s technology streamlines the insurance process, making it exceptionally efficient for brokers to serve their clients. This technology positions LIO Specialty at the forefront of the Excess and Surplus Lines marketplace.
Specialized Offering for Cannabis and Nutraceutical Industries
The company introduces a unique passthrough casualty product, specifically designed to cater to the burgeoning cannabis and nutraceutical sectors. This product encompasses:
- Cannabis Industry: With a minimum premium starting at $2,500, coverage extends to cultivators/growers, manufacturers and processors, dispensaries, retail stores, distribution, and cannabis delivery.
- Nutraceutical Industry: Tailored for businesses in the nutraceutical sector, the minimum premium beginning at $2,000, covering a range of products including bodybuilding supplements, body cleansers, compounded and non-compounded herbs, energy supplements and drinks, protein supplements, sexual enhancement products, and vitamins.
Comprehensive Coverage with Proprietary Forms
LIO Specialty utilizes a proprietary coverage form, offering:
- Products/Completed Operations coverage on a Claims-Made basis.
- Premises/Operations coverage on an Occurrence basis.
Additionally, clients can choose from various other coverage form options to suit their specific needs.
Enhanced Coverage Options
Clients benefit from an array of coverage enhancements, including:
- Security Breach Expense Reimbursement.
- Employee Benefits Liability.
- Hired and Non-Owned Auto Liability.
- Stop Gap Employers Liability.
- Worldwide Coverage.
- Primary and Non-Contributory AIs.
- Waiver of Subrogation.
- Limited Product Withdrawal Expense.
About LIO Specialty Insurance Company
Founded in 2022 and rated A- VIII by AM Best, LIO Specialty is committed to blending deep insurance expertise with cutting-edge digital capabilities. The company aims to redefine the insurance purchasing experience, making it faster, easier, and more intuitive for specialized insurance policies.
Contact Information:
Justin Bauersachs – AVP, Life Science and Product Liability
804-357-9304
372151@email4pr.com
Kyle Powal – EVP
312-450-4790
372151@email4pr.com
Steve Schell – SVP
646-787-6152
372151@email4pr.com
Media Contact:
Ben Follett
403-804-4846
372151@email4pr.com
SOURCE LIO Specialty Insurance
