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Forbes article
Insurance Companies Start Noticing The Legal Cannabis Industryhttp://www.forbes.com/sites/julieweed/2015/07/05/insurance-companies-start-noticing-the-legal-cannabis-industry/
The marijuana industry’s shady past and current illegal status at the federal level have kept most insurance companies from offering policies to the new industry. “Few and far between,” is the way Paul Warshaw CEO of GreenRush in California describes the options. His technology company works with more than fifty medical marijuana dispensaries and he says many of them do not have all the coverage they need.
Slowly though, things are beginning to change. Insurance carriers are approaching the new marijuana landscape “with caution,” and are beginning to offer coverage according to Gerry Finley, Senior Vice President Casualty Underwriting, at Munich Reinsurance America.
As insurance carriers begin to examine the industry, several “have indicated a willingness to provide a broad array of property and casualty coverages to those in the marijuana business, albeit with robust pricing,” Finley said. Risk factors associated with the legal cannabis industry include theft because many businesses deal mainly in cash, he said, as well as potential pollution if the customer is a grower/processor, and neighbor complaints.
Slowly though, things are beginning to change. Insurance carriers are approaching the new marijuana landscape “with caution,” and are beginning to offer coverage according to Gerry Finley, Senior Vice President Casualty Underwriting, at Munich Reinsurance America.
As insurance carriers begin to examine the industry, several “have indicated a willingness to provide a broad array of property and casualty coverages to those in the marijuana business, albeit with robust pricing,” Finley said. Risk factors associated with the legal cannabis industry include theft because many businesses deal mainly in cash, he said, as well as potential pollution if the customer is a grower/processor, and neighbor complaints.
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