When speaking about emerging insurance areas and products, folks often think of insurance coverage needs such as cyberinsurance or insurance for the on-demand economy and services (e.g., Uber and home rentals). However, with the rapid changes in states' marijuana laws, there is a very real need for insurance coverage for this newly emerging industry (or rather the newly legalized industry). Many in the insurance industry want to cover and are covering the industry, but are doing so while struggling through a web of uncertainty. The California Department of Insurance is taking a lead in this area including by offering a seminar to insurers.
Insurance Commissioner Dave Jones will host the National Association of Insurance Commissioners' Center for Insurance Policy and Research Webinar: Weeding Through the Unique Insurance Needs of the Cannabis Industry. Commissioner Jones will discuss his ongoing efforts to encourage a robust insurance marketplace for the cannabis industry and will lead around table discussion on the future of the cannabis market. The webinar will explore cannabis industry activities, its risks, and the unique first and third-party coverage needs. It will also delve into how conflicting state and federal laws are impacting claims, the impact of policy exclusions and gaps in available coverage.