On June 1, 2018 the portal at the Cannabis Control Commission (CCC) (www.massciportal.com) will be open for businesses applying for several licenses:
Insurance requirements, as prescribed in 935 CMR 500.105 (10), are becoming an issue for many new businesses looking to the CCC for approval, and is causing some confusion amongst those needing to attest to coverage limits.
General Liability and Product Liability for your medicinal and recreational products is not an easy placement. And it does take some time. Underwriters in this new space work at a different pace. Applicants don't seem to understand that many "standard" policies may not include the necessary protections to the business owners or landlords.
Did you know that many insurance carriers, upon learning that there is "marijuana in house," will seek to cancel coverage for the increase in hazard or misrepresentation?
Don't get stuck having to escrow $250,000 when we can get you coverage. We have the knowledge, the tools and the markets to help you through these requirements and design the right program for your piece of the growing marijuana business.
To discuss further with a Gordon Atlantic Insurance professional, please call us toll free at 1-800-649-3252. Prefer to type versus talk? Use the form at the top left of this blog for a return phone call or email from a cannabis insurance expert.