Businesses working within the legal marijuana industry now have options for covering potential losses. The medical marijuana industry in California has struggled with a significant stigma and, until recently, cannabis business insurance opportunities have been few and far between. That said, coverage is now opening up for these companies who want to protect themselves against losses relating to their facilities, products, or other business related perils. This week, the California Insurance Commissioner, Dave Jones, released a statement to this extent. Jones explained that the California has approved the first cannabis…
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California’s Dave Jones asks for cannabis insurance coverage in the state
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…
Read MoreInsurance rates for medical marijuana uses rise, regardless of how it is used
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…
Read MoreMedical marijuana may not always be covered by homeowners insurance
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…
Read MoreMedical marijuana plants may not be covered by homeowners insurance
As health plan debates continue over this treatment, now property coverage is being drawn into this complex issue. While most people think of health insurance plans when they consider the issue of coverage for medical marijuana, some people who use this medicinal herb are now finding that there are other issues to consider when it comes to the plants, themselves. An issue is starting to develop regarding homeowners insurance policies that aren’t covering stolen plants. While a homeowners insurance policy may cover stolen electronics and jewelry, if a medical marijuana…
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