The marijuana legalization train has left the station and is making its way across the US as more states begin seriously considering jumping onboard, with New York, New Jersey, Pennsylvania, Illinois, and Florida being the ones to watch. The emerging recreational pot market is a potential boon for insurers as well, though insurance professionals in this space have to consider the specialized risks and coverages associated with the cannabis business.
“The most common way to [ensure] that clients are protected is to make sure that they’re disclosing all of their operations to their insurance agent, and making sure that they’re reviewing all the terms and exclusions of any quotes that they’re looking at,” said John Deneen, underwriter at Burns & Wilcox and a speaker at Cannabis Cover Masterclass Denver in March 2019. “It seems to come up very, very frequently where certain operations or exposures are excluded from coverage and either the retail agent or the client themselves didn’t review the quote, so they’ll realize months or years later that they never had coverage that they thought they did, just because they didn’t look at the exclusions.”
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