California cannabis insurance claim payout reaches $1 million

Cannabis Insurance - Marijuana Plants

A company in the state received a historic payment following crop damages from wildfires. A cannabis insurance payout has recently broken prior records in California. The Thomas Fire burned through a legal marijuana business at the close of last year (and the start of this one). The payout for the insurance claim was $1 million – higher than any previous payout in this category. This wildfire insurance payout is an indicator of the speed of growth of the legal marijuana industry. A Southern Californian cultivator of marijuana was covered by…

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California’s Dave Jones asks for cannabis insurance coverage in the state

cannabis business insurance marijuana

Large players in the insurance industry are typically staying away from the drug, even where it’s legal. California Insurance Commissioner Dave Jones is seeking to improve the cannabis insurance availability in the state. The primary issue is that large insurance companies are hesitant to provide coverage in this portion of the industry. The United States is regularly launching regulated and perfectly legal markets in which patients can shop. Despite the fact that these markets are indeed regulated and legal, insurers, like banks, have stayed away. Jones is seeking to change…

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Marijuana insurance industry is taking off like wildfire

Medical Marijuana Insurance Industry

This emerging market is rapidly growing strength throughout the United States with legalized cannabis. The marijuana insurance industry has exploded since certain forms and uses of medicinal cannabis received approval. That said, there have yet to be many participants in this particular part of the market. Still, there are a few players that have been carving their way into medicinal marijuana policies and coverage. Even before Lloyd’s of London stepped into – and then departed – the marijuana insurance industry, there was already a firm called New Wave Insurance taking…

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Insurance rates for medical marijuana uses rise, regardless of how it is used

Medical Marijuana Auto insurance statistics

Even if this substance is used medically through vaporizers or consumption, users are still deemed “smokers”. Earlier in the summer of 2015, the Supreme Court of Canada ruled that patients in the country who have legal prescriptions for the use of medical marijuana now have the right to take it in any form, including consumption in food, teas, oils, or smoking, but those patients have been falling into an interesting category when it comes to their insurance rates, regardless of how the drug is used. Many medical marijuana users have…

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Medical marijuana may not always be covered by homeowners insurance

medical marijuana - insurance policy

This legalized drug has been drawing attention within several coverage sectors, including property. As the legalization of medical marijuana spreads throughout an increasing number of states, questions about the coverage that will be provided in areas such as health and homeowners insurance have started to arise from consumers. The obvious coverage is in terms of health, but property and liability insurance also plays a vital role. Consumers now want to know if their homeowners insurance will pay out if their medical marijuana plants are ever destroyed by a house fire…

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Life insurance companies discriminate against marijuana users

medical marijuana insurance

A newly published report suggests that insurers require these consumers to pay more for policies. A website that provides consumers with life insurance quotes has now released a new report that suggests that people who use marijuana will usually have to pay more for their policies than people who do not. The report is drawing industry attention from both insurers, agents, and consumers alike. This recent news was published under the title “Marijuana Users Discriminated Against by Life Insurance Companies.” It was released on the LifeAnt website and explained that…

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Insurance brokers are looking to the marijuana “green rush”

medical marijuana - insurance policy

As a growing number of areas start to legalize medical and even recreational use of cannabis, a new market is growing. Many areas across the United States – as well as in various other parts of the world – there has been a growing momentum on a political and cultural front to legalize both the medicinal and recreational use of marijuana, and insurance brokers are among those who have spotted a considerable change in business that is now on its way. There are a number of opportunities that could rapidly…

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Insurance industry changes ahead with legalized marijuana

Medical Marijuana Auto insurance statistics

There will be a number of differences on their way, and within more than one sector. From the moment that marijuana was legalized in the United States, some of the largest cannabis derived food and drug developers saw their shares skyrocket, as other sectors, such as the insurance industry, began a notable transformation in several directions. This legislation affects policies, companies providing related services, and even equipment producers. What had previously been an environment that was completely in the black market has now emerged to implicate everything from the insurance…

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