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 specialize in marijuana insurance because historically, this line of insurance was offered only from "non-admitted carriers" specializing in "high" risk.    This will be a bigger deal to the marijuana industry as they begin to benefit from either better pricing, coverage availability, and friendlier claims practices. 

The primary difference between admitted versus non-admitted carriers is admitted are approved by the Department of Insurance through what is known as a rate filing.  This means their policy forms, underwriting, and pricing are reviewed by a regulatory agency before approved  and offered to the public.  The non-admitted insurance market avoids this approval process leaving the cannabis business with fewer options.       

According to our sources, Golden Be...more