Relm Starts With Insurance For Cannabis And Crypto Businesses

Shailesh  |  Mar 4, 2020, 6:14 am
Relm Starts With Insurance For Cannabis And Crypto Businesses

Relm has formally started its operations. The first businesses it would concentrate on providing insurance solutions in the area of cryptocurrencies and cannabis.

According to a report, the new company is led by Joe Ziolkowski, the CEO and Keyla Roman, Vice President of Operations. Deltec International Group has also owned it.

Goals Of Relm

Relm tried to serve the insurance needs of business sectors, which were new to the market but destined to become notable in future.

Cannabis and crypto business insurance is first but would be followed by areas like digital banking, the gig and sharing economy, as well as AI and autonomous vehicles.

The first 5 product areas that Relm would concentrate on:

1. Tailored DAC(Digital Asset Custody) insurance programme for cryptocurrency custodians and service providers that would offer Digital Asset Custody for a short period.  

2. Directors and officers' responsibility for crypto-asset businesses and cannabis/hemp businesses. The crypto business would include a private business product that would cover alternative Side A solutions and token issuances. 

3. Miscellaneous professional liability coverage that could be designed to support advisors and service providers in several capabilities within both the cannabis/hemp and crypto-asset spaces.

4. Cyber cover for developing business areas.

5. Commercial Crime for developing business areas.

For the cannabis and hemp area, insurance products for bailees exposure and living plant coverage are under development.

Statements From Ziolkowski And Sagalow

Ziolkowski cited that their focus was on offering insurance coverage to reliable firms in developing business sectors, and they truly learned how challenging it could be to get excellent business support and affordable cover, which is why Relm's proposal to the marketplace is so important.

Moreover, Ty Sagalow, a founding member of Lemonade and Relm Insurance's independent non-executive director, cited he was proud to be invited on the board of Relm as it stepped up to provide appropriate insurance products to developing business sectors.