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Insurance Requirements for Medical and Recreational Marijuana Transporter

Colorado Law Now Requires Marijuana Transporters be Licensed to Move Product

©2017 Greenpoint Insurance Advisors, LLC

Recently, Colorado House Bill 16-1211 was signed into law requiring medical and recreational marijuana transporters to hold a state issued licensed.  Using company vehicles, these businesses provide transportation of cannabis product from licensees and may offer the ability to store product at their business location or distribution point. 

Colorado House Bill 16-1211 Marijuana Transporter Insurance

As a condition of their license, a transporter must have insurance.  The law is silent as to the type of insurance, but in our opinion the purchase of commercial automobile insurance would be a minimum requirement with possibly commercial liability and property insurance particularly if the licensee maintains a storage or distribution facility.

A question that should be raised is how will the cannabis product be insured or covered during transportation or storage?  This will be a difficult issue to address through insurance as carriers offering commercial automobile or business property have avoided insuring the property of others when being transported or off premises.   

Contract Between the Licensees is Pertinent if Marijuana Product is Stolen or Lost during Transport

Absent insurance coverage,  the recreational and medical marijuana licensees will need to rely on established marijuana transporters to effectively and safely move their product.  The contracts between the parties will be critical in determining the responsibilities of each side should the cannabis be damaged or stolen during transport. 

 

If the contract offered by the marijuana transporter releases them of liability should the product be lost, damaged, or stolen during transportation or storage, the cannabis licensee will need to contemplate their business relationship and practices with the marijuana transporter. 

Furthermore, it would be prudent the contract is reviewed by an attorney to determine the obligations, damages, and potential remedies should the marijuana transporter negligently transport product or hold for safekeeping.   

 

 

      

 

 

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New Product Liability Insurance Coverage Around the Corner for Marijuana Companies!

We just received word from our underwriting groups that more insurance carriers are just around the corner from offering product liability insurance for cannabis companies.  This product segment has been severely limited with one underwriting group dominating this segment with complex and misunderstood underwriting standards operating as a monopoly, in our opinion.   Consequently, more competition… Continue Reading

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How will the Cannabis Industry Benefit if Admitted Insurance Carriers Start Insuring Marijuana?

Better Pricing, More Competition, and Innovate Insurance Products ©2017 Greenpoint Insurance Advisors, LLC All Rights Reserved The non-admitted insurance market has been the only provider of insurance products to the cannabis industry since the beginning.   These carriers have served an important role for cannabis companies who’ve required  insurance to meet lease obligations, licensing, and… Continue Reading

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Question of the Week: My Insurance Agent or Broker is Forcing Me to Buy Marijuana Product Liability Insurance. Do I have a choice?

Are There Other Marijuana Insurance Companies that Offer Just Commercial Liability Insurance or Product Liability Insurance? Yes! This question was presented most recently when a cannabis grower needed commercial general liability only.  They weren’t interested in buying product liability insurance at the time due to cost constraints.  The additional premium was close to $2,800 per… Continue Reading

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What Insurance Companies may want to Consider before Insuring the Marijuana Industry

By J.B. Woods, Greenpoint Insurance Advisors, LLC  © 2017 All Rights Reserved  (This article was originally published in Trusted Choice/PIIAC of Colorado) The most recent election captured the attention of the insurance industry when states like California, Nevada, Massachusetts, and Maine voted to legalize marijuana along with medical marijuana initiatives being approved in other states… Continue Reading

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Is The Admitted Insurance Market Ready to Insure Pot?

The Golden State Could Be a Game Changer for the Marijuana Insurance Industry Breaking news out of California when The Californian reported California Insurance Commissioner Dave Jones wants admitted insurance carriers to insure marijuana.  This will not be an easy task for Commissioner Jones considering the fact Lloyds of London does not offer insurance to… Continue Reading

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Trending in Marijuana Insurance–You Must Buy Two Insurance Products Tied Together as a Condition of the Sale

Insurance Carrier Mandating General and Product Liability Be Bought Together ©2017 Greenpoint Insurance Advisors, LLC Just imagine you visit an appliance store to buy a washer.  The salesperson says you must buy a dryer or we won’t sell you the washer.  Our store policy is to sell both appliances together.  You tell the salesperson your… Continue Reading

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Recent Colorado Hail Storm May Have Surprised Cannabis Businesses with No Coverage

Hail Storm Creates Havoc for Marijuana Operations Hail the size of golf balls came crashing through windows and roofs from a recent hail storm in Colorado.  As a result, cannabis licensees and building owners who rent to them are likely to see an increase in hail deductibles in Colorado.   Even more concerning, we’re aware of… Continue Reading

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Insurance Carrier Requirements for Cannabis Operations Make it Nearly Impossible to Obtain Product Liability Coverage

©2017 Greenpoint Insurance Advisors, LLC Just imagine you own a marijuana retail operation buying your product from several dozen growers.  You decide to apply for product liability insurance as you’ve developed a concern if a lawsuit or claim was to arise from your  product sold into the stream of commerce was to affect your company. … Continue Reading

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Trusted Choice Colorado Insurance News: The Cannabis Conundrum To Insure (Are You Sure?)

The association for Colorado insurance brokers and agents Trusted Choice takes on the subject of marijuana and insurance.  According to CEO Bryan Bernier, the subject of marijuana from those out of state is a popular subject of conversation.  We thank Trusted Choice for the opportunity to contribute to their monthly publication.   It’s only fair… Continue Reading

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DISCLAIMER: Material presented by Owner website is intended for information purposes exclusively. It is not meant for professional insurance or legal advice, to induce or solicit new clients, and must not be construed as such. Each individual situation is unique and requires a licensed insurance broker or attorney in your state to evaluate and recommend insurance or provide legal advise respectively. Each insurance company, policy, and broker are unique with their terms,conditions, and product offerings placing the responsibility of the user to conduct and rely on their own due diligence.

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