Cannasure and Next Wave Insurance Collaborate on Cannabis Insurance White Papers

Greenpoint Insurance Advisors, LLC
Posted at 2/17/2018 8:15:04 AM

National Cannabis Industry Association Forms Insurance Sector Committee


Two cannabis Surplus Lines Brokers Cannasure and Next Wave Insurance have formed a committee to change the cannabis insurance industry courtesy of the National Cannabis Industry Association ("NCIA").  For NCIA members and non-members, the NCIA offers several committees involving industry experts on a variety of topics.  As such, a committee to tackle and parse through the myriad of issues associated with insuring cannabis made up of lawyers and insurance professionals. 

The chairperson is Can...more

Categories: Insurance
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  • next wave insurance
  • insurance
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  • Patrick McManamon
  • Michael Aberle
  • Jeff Ward
  • Ian Stewart
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  • Wood Gutmann & Bogart Insurance Brokers
  • Faces Human Capital Management
  • Ag Adjustments
  • Horst Legal Counsel
  • Emerge Law Group
  • New Growth Insurance
  • Wilson Elser
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Application to Open a California Cannabis Company Includes the Purchase of a Licensing Bond

JB Woods
Posted at 12/4/2017 3:12:49 PM

California Requirements:  Licensing Bonds for Cannabis Businesses

The Bureau of Cannabis Control has indicated through the California Code of Regulations a bond will be needed as part of the annual license application requirements under Section 5002.   This means retailers, cultivators, manufacturers, distributors, laboratory testing, and microbusinesses will need to buy a bond. 

Section 5008 (Bond) of the code states:

A bond is a type of insurance product with features of a loan.  The face amount of the bond is paid to the party requesting their interests be pr...more

Categories: Insurance
Tags:
  • bond
  • licensing
  • california
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Reducing your Workers Compensation Insurance in Colorado for Cannabis Companies

JB Woods
Posted at 11/15/2017 4:59:56 AM

Correct Job Classification and Cost Containment are Two Areas to Reduce Premium


Workers compensation insurance is a necessary product when you have employees with each state mandating this type of coverage.  In Colorado, there are several key areas to consider to potentially reducing your premium if you're a cannabis operation. 

The correct job classifications of your employees is critical.  There is a significant difference in premium for employees working at a store versus a cultivation facility, bakery, or extraction company.  In fact, Greenpoint Insurance Advisors...more

Categories: Insurance
Tags:
  • colorado workers compensation
  • workers comp insurance
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Reducing your Workers Compensation Insurance in Colorado for Cannabis Companies

JB Woods
Posted at 11/15/2017 4:59:45 AM

Correct Job Classification and Cost Containment are Two Areas to Reduce Premium


Workers compensation insurance is a necessary product when you have employees with each state mandating this type of coverage.  In Colorado, there are several key areas to consider to potentially reducing your premium if you're a cannabis operation. 

The correct job classifications of your employees is critical.  There is a significant difference in premium for employees working at a store versus a cultivation facility, bakery, or extraction company.  In fact, Greenpoint Insurance Advisors...more

Categories: Insurance
Tags:
  • colorado workers compensation
  • workers comp insurance
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How Much is your Cannabis Plant Worth According to your Insurance Carrier?

JB Woods
Posted at 11/14/2017 1:26:59 PM

Golden Bear Insurance Company Using Per Cannabis Plant Valuation for Crop Insurance

by Greenpoint Insurance Advisors, LLC 
 

Filed with the California Department of Insurance, the first admitted cannabis insurance carrier Golden Bear Insurance Co is using a per plant valuation to calculate how much will be paid should a claim occur.  For example, a fire burns 200 cannabis plants considered "Flowering Plants," then $150 per plant or $30,000 would be paid for this type of claim according to the policy forms filed with the Department of Insurance.  A mother...more

Categories: Insurance
Tags:
  • insurance
  • golden bear
  • crop insurance
  • plant value
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First Admitted Marijuana Insurance Carrier in the Nation Approved in California to Sell Pot Coverage

JB Woods
Posted at 11/10/2017 3:09:51 PM

Golden Bear Insurance Co. will likely take a Big Bite out of Existing Non-Admitted Insurance Markets


Well, it finally happened with Golden Bear Insurance Company was approved by the California Department of insurance to offer coverage through an admitted insurance program for marijuana companies. This is a really big deal for those of us who specialize in marijuana insurance because historically, this line of insurance was offered only from "non-admitted carriers" specializing in "high" risk.    This will be a bigger deal to the marijuana industry as they beg...more

Categories: Insurance
Tags:
  • insurance
  • admitted carrier
  • golden bear
  • california
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