Risk programs and Insurance programs for the marijuana industry are new, and face several unique challenges. However, they are fundamentally similar to other industries in many ways, including the overall risk view:
Marijuana related businesses are unique in other ways:
A closing word about insurer defense. In Colorado, an insurance company tried to deny a claim on a cannabis operation since the business was involved in “illegal activity.” The business successfully sued, as the judge ruled the insurance company knew exactly what kind of policy they were entering into at time of binding, so claiming "illegality" didn’t fly. With that lawsuit on record, we don’t expect other carriers to try this line of denial.
The new marijuana business in Massachusetts is evolving, and many risks remain exposed. But with that said, when viewing through the same lens of risk as other businesses the challenges and insurance solutions become clearer. Cannabis business insurance inherently has its own needs. Working with veterans of risk for businesses at Gordon Atlantic Insurance when developing an insurance program for your cannabis business will provide you access to relevant carriers and insight into your range of exposures and how they can best be covered. Call us toll free at 800-649-3252 to discuss your scenario. Prefer to talk versus type? Click below for a return email or phone call.
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