Better Pricing, More Competition, and Innovate Insurance Products
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The non-admitted insurance market has been the only provider of insurance products to the cannabis industry since the beginning. These carriers have served an important role for cannabis companies who've required insurance to meet lease obligations, licensing, and as a matter of public policy. At the same time, they've had the cannabis industry jump through many underwriting hoops ranging from how to store your product during non-business hours to declining applications for either
or foreign made vape pens.
Plus, the pricing for certain products has not been favorable
However, if California Insurance Commission Dave Jones has his way, the non-admitted insurance market could be replaced by admitted carriers that would allow increase competition, reduced pricing, and possibly insurance products customized for the pot industry. For retail insurance brokers and their clients, the act of completing difficult insurance applications could be replaced by an online application would be nothing short of mi...more