Now that hemp is federally legal, and hemp-based products are becoming more popular, cultivation and extraction are more widespread than ever. So are the risks that come with both, including theft, explosion, fire, and product liability. Before you bind a policy, you need to know if a property is used to grow, process, or store hemp or related products, such as CBD oil. Then, you can make better decisions about underwriting and pricing.
Quickly and easily understand your hemp-related exposure with the BuildingMetrix Hemp Check. You’ll see whether a property you insure or are considering insuring is near a hemp grower or processor so you can make more optimal decisions in less time.
Growing, processing, extracting and storing hemp and related products all create risks that can affect a variety of insurance coverage decisions.
Common methods for extracting CBD oil from hemp involve highly flammable materials, raising the risk of explosion and fire.
The high value of CBD oil makes facilities where it’s stored susceptible to theft and the associated property damage.
Processing hemp can release harmful vapors and dust and is usually very loud. Workers may face health and safety risks.
It’s too soon to know if long-term use of CBD will create health risks, making product liability difficult to estimate and underwrite.
Hemp can affect risks related to multiple coverage lines, so knowing your concentration of risk is especially important. The BuildingMetrix Hemp Check makes it easy to understand how much hemp-related risk you’re carrying and use that information to make better underwriting decisions.
When you clearly see your risk concentration, you can manage it more effectively in less time.
Don’t let hemp risk spread unknown in your book. Try the BuildingMetrix Hemp Check today.