Update on cannabis business
The numbers tell the story of SAIF’s cannabis program so far.
As many of you already know, SAIF started quoting cannabis businesses in our voluntary market effective December 1, 2015.
We've received 162 cannabis submissions (as of September 13) since we made this announcement. We've quoted 107 of these, and written 87 for an estimated premium of more than $250,000. Most of our sold accounts are growers (43 percent) and retail stores (41 percent).
A review of our declined accounts shows that our main reasons for declination are a lack of information (28 percent), credit (24 percent), and uncontrolled hazards (18 percent).
This program is really just getting off of the ground, but the fact that we've had only two claims so far is encouraging. One is deferred with no cost, and the other is a closed nondisabling claim for a little over a thousand dollars.
Please contact Steve Ringstad (503.373.8754) or Judi Croft (971.242.5329) with any questions. Steve can help with your underwriting questions; Judi can help with your safety questions.