A Risk Retention Group is an insurance company that provides liability insurance to individuals or businesses that share a common trade or profession. A Risk Retention Group is authorized under U.S. federal statute, the Liability Risk Retention Act of 1986 (LRRA). RRGs are not covered by state guaranty funds.
You do. As policyholders you are both the owner of and insured by CLIC RRG. You will purchase shares in CLIC RRG when you become a policyholder.
We will insure businesses and individuals involved in the sale, manufacture, cultivation, transportation and testing of legalized cannabis-based products. Applicants must be in full compliance with all state and local regulations governing cannabis.
General Liability and Product Liability.
By statute, Risk Retention Groups cannot offer property or workers compensation coverage.
We exist only for the benefit of the policyholders. We are owned by, and operated solely for the benefit of our policyholders, who are participants in the legalized medical and recreational cannabis industry. This means that any profits made by the company belong to you.
You will get fair, stable coverage from a company that you own. Premiums will be set by your fellow insureds on the Board of Directors. We will aggressively defend all unmeritorious claims against you. We will also offer market-leading risk management programs.
An independent Board of Directors governs the operations of the company. The Board is comprised of cannabis licensees, independent directors, and insurance industry executives.
Premiums are set by our independent actuary. We look at your actual loss experience and set prices based on how well you have run your business, as well as the general loss experience for the cannabis business sectors. Your performance in conducting safe operations and maintenance of consumer safety standards will help keep our prices affordable.
To become an owner of CLIC RRG you will make a one-time purchase of shares in the company equal to 50% of your first year’s premium.
Call us at (858) 260-9000 for answers to any questions you have