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Category Archives: Breaking Insurance News

Insurance Requirements for California Cannabis Distributor License

Insurance Requirements for California Cannabis Distributor License

California Bureau of Cannabis Control Insurance Requirements for Distributor License The State of California has issued insurance requirements for a cannabis distributor licensee effective January 1, 2018.  Other types of licensees did not appear to have such requirements.  A certificate of insurance with limits of $2,000,000 per aggregate and $1,000,000 per occurrence will be the… Continue Reading

Cannabis Plant Valuation According to your Insurance Carrier

Cannabis Plant Valuation According to your Insurance Carrier

Golden Bear Insurance Company Using Per Cannabis Plant Valuation for Crop Insurance   Filed with the California Department of Insurance, the first admitted cannabis insurance carrier Golden Bear Insurance Co is using a per plant valuation to calculate how much will be paid should a claim occur.  For example, a fire burns 200 cannabis plants… Continue Reading

First Admitted Marijuana Insurance Carrier in the Nation Approved in California to Sell Pot Coverage

Golden Bear Insurance Co. will likely take a Big Bite out of Existing Non-Admitted Insurance Markets Well, it finally happened with Golden Bear Insurance Company was approved by the California Department of insurance to offer coverage through an admitted insurance program for marijuana companies. This is a really big deal for those of us who… Continue Reading

Insurance Testing Requirements are Disconnected from What is Required and Offered in the Testing Marketplace

One Colorado Testing Facility Offers All of the Tests Required by a Cannabis Product Liability Insurance Carrier   In Colorado, there appears to be one testing facility that can offer all of these tests for Pesticides, Bacteria, Fungus, Mycotoxins, Heavy Metals, Residual Sovlents, Cannabinoid Profiles, Cannabinoid Dosage, and Terpenes.  A recent development by this particular… Continue Reading

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… Continue Reading

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

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

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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