Cannabis Risk: A Pot-Pourri of Insurance Issues
Created on April 19, 2019
As the legal landscape surrounding cannabis continues to develop, new questions concerning insurability arise. New insurance products have come on the market, some of which are subject to the scrutiny of state insurance regulators, and some of which are not. What do these products purport to cover? What might they exclude? What is the state of insurance coverage law as it pertains to cannabis-related risk?
With legalization, players in the space - from growers on down to dispensaries - face myriad new opportunities, but also new risks, including property damage and business interruption due to wildfires and other disasters, theft, claims alleging product liability, director and officer claims, intellectual property issues, and environmental regulation. Some of these risks may be insurable, some may not be, and others live in the grey area that characterizes so many aspects of the current state of cannabis law. Especially as populous and economically vibrant states such as New York and New Jersey head toward legalization, these questions - against the backdrop of continued federal illegality - are of critical importance in the evolution of cannabis from illegal to a legitimate business activity. This course, presented by Benjamin Tievsky of Pillsbury Winthrop Shaw Pittman's insurance recovery and advisory practice, explores these issues and others related to risk management in the burgeoning legal cannabis industry.
- Identify types of potentially insurable risk faced by the cannabis industry
- Review types of coverage, typical exclusions, and associated legal issues
- Assess the state of the cannabis insurance market and state insurance regulation pertaining to cannabis
- Provide practical guidance on insurance procurement and claims-related issues
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