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 ReservedThe 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 as a matter of public policy. At the same time, they've had the cannabis industry jump through many underwriting hoops ranging from how to store your product during non-business hours to declining applications for either deficient testing or foreign made vape pens. Plus, the pricing for certain products has not been favorable
However, if California Insurance Commission Dave Jones has his way, the non-admitted insurance market could be replaced by admitted carriers that would allow increase competition, reduced pricing, and possibly insurance products customized for the pot industry. For retail insurance brokers and their clients, the act of completing difficult insurance applications could be replaced by an online application would be nothing short of mi...more
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 year. Unfortunately, the retail insurance broker presented insurance quotes for two different insurance policies could not comprehend or consider this was beyond their budget. The insurance carrier and its representatives required that both policies be purchased as a condition of the sale.
If you need marijuana insurance that doesn't require you to buy commercial liability and product liability "packaged" together the good news is there are other marijuana approved insurance companies willing to offer you the single line of insurance.
Originally Posted on MarijuanaDispensaryInsurance.com
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