Today Cannabis Insurance Associates had the pleasure of participating in a webinar hosted by the California Department of Insurance (DOI). The webinar was titled "Weeding Through the Unique Insurance Needs of the Cannabis Industry." Commissioner Dave Jones hosted and presented during this webinar. Commissioner Jones has been a staunch advocate of the cannabis industry. It's great to know that we have insurance leaders advocating for quality carriers and coverage to help the cannabis industry thrive in California.
During this webinar they addressed some of the exposures that cannabis businesses face and insurance products available to help cover them. One of the big takeaways from this webinar is that there are more and more admitted carriers offering products. We can gone over admitted vs. non-admitted on this blog before, but basically this means more DOI approved products that are backed by the California Insurance Guarantee Association (CIGA). This adds more legitimacy to our industry and opens the door for even more admitted carriers to participate in providing state approved coverage.
As you know, Cannabis Insurance Associates was the first insurance brokerage to place the first admitted cannabis insurance policy in California. We will continue to pioneer cannabis insurance and offer admitted products as they come available. Commissioner Jones announced that there is a newly filed and close to approved "CannaBOP" product pending release. A BOP is a business Owner Policy that offers property and liability coverage on one policy. There are often nice endorsements that enhance coverage to provide a more comprehensive policy geared to small to mid-sized operations. We have not seen a sample policy or endorsements yet, but when available we will review if the product is a good fit for some or our clients and prospects.
Also announced today was a new admitted product liability policy offered through Continental Heritage Insurance Company. The newly approved program offers coverage to businesses with the following license types: Cultivator, Manufacturer, Distributor, Retail and Medical. Laboratory testing licenses are not eligible for this program. Here is the official announcement. We will get more details on this as and report back.
If you have questions about the Department of Insurance's stance on cannabis or any other cannabis insurance questions, please contact us. We are happy to talk about the exciting changes in the cannabis insurance space! For more amazing resources from our supportive state, visit https://cannabis.ca.gov/ . This site has tremendous resources on laws, licensing and regulations. California is leading they way as a cannabis friendly state and the Department of Insurance is right in step!