CANNAINVESTOR Magazine March / April 2017 - Page 27

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Novus Diverse Insurance Lines

MMJ Property and Casualty: with a hand full of underwriters in the marketplace, this leaves cultivators, manufactures, labs, distributors, dispensaries and delivery services paying substantially higher premiums on coverage plans, which are anticipated to continue rising in the coming months. With Novus’ recent approval, in California, to write coverage for P&C and Excess Surplus in the MMJ market with competitive pricing with the other carriers within the marketplace. Thus gaining a business relationship that transcend into procuring more of a patient base from dispensaries

Data Breach and Ransomware Coverage: Aside of General Liability and other mainstream insurance lines Novus has adopted this type of coverage. When security breaches happen the cost of forensic analysts and other security experts cost anywhere from $200,000 to $500,000 for companies that have revenues of $20 million or more. On top of managing and resolving actual threat that is increasing every day Novus is developing a encrypted software system that will be apart of the insurance coverage.