(Please, No Agents)
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.
©2016 Copyright All Rights Reserved The latest underwriting requirement from a major cannabis product liability insurance carrier has them saying no to cannabis companies that apparently manufacture or distribute foreign vendor products such as vape pens. The majority of the cannabis industry most likely buys vape pens from China. Essentially, the insurance carrier is… Continue Reading
Washington Liquor and Cannabis Licensing Board Provides Guidance The Washington State licensing department has confirmed with Greenpoint Insurance Advisors, LLC after our request, product liability insurance is not required for I-502 licensees. Washington Liquor and Cannabis Board licensing representative indicated the following : The statutes do not require a marijuana business to have product liability… Continue Reading
But, proving the right type of coverage exists can be difficult There are many consultants in the cannabis industry who offer professional services when their advice as a consultant is relied upon by others. They could offer advice for testing, cultivation, and compliance. Historically, the need to prove these consultants were insured was overlooked either… Continue Reading
Testing Required for Product Liability Insurance The majority of cannabis product liability insurance companies now require their applicants to test their product. This means your cannabis product has been tested at an independent lab or possibly in-house depending on the insurance carrier. If you don’t test your product, the insurance carrier will decline your insurance… Continue Reading
THE GREEN EARTH WELLNESS CENTER, LLC , Plaintiff V. ATAIN SPECIALTY INSURANCE COMPANY, Defendant Avoids Trial ©2016 Greenpoint Insurance Advisors, LLC A lawsuit filed by Green Earth Wellness Center LLC (“Green Earth”) against their insurance company has been settled according to court documents. The original complaint filed by Green Earth sought relief for breach of… Continue Reading
Knight Specialty Insurance Company Receives B++ Rating A.M. Best has recently downgraded Knight Specialty Insurance Company (“Knight”) from A- (Excellent) to B++ (Good) . Knight is an insurer of product liability insurance to the marijuana industry through a California based Excess & Surplus Lines Broker. The press release does not indicate any concern for the risks… Continue Reading
EXCLUDED is the Ultimate Buzz Kill for Product Liability A review of typical commercial general liability insurance policy in the cannabis industry will most likely reveal product liability is not covered by the insurance carrier. You might be thinking I thought I was covered if someone sued me after smoking my weed. Most likely not… Continue Reading
Increasing your Current Coverage will mean Seeking a New Insurance Carrier As previously reported, Mesa Underwriters Specialty Insurance Company (MUSIC) not only is exiting the cannabis industry, but no longer offering endorsements or changes to their existing policy holders. MUSIC had been a cannabis insurance provider in different geographical markets for several years. Their decision… Continue Reading
The Perils of Transporting Cash in the Marijuana Industry can be Insured with Limitations Subject to the terms and conditions of the policy, one of our insurance carriers has broadened their insurance program by offering up to $10,000 for money and securities with other coverages such as employee dishonesty, property in transit, spoilage, etc…. … Continue Reading
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 shall 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.