Insurance
Jun. 9, 2020
California deemed pot dispensaries essential but will they be able to collect on insurance policies?
The clash between federal and state laws over marijuana has long frustrated dispensaries’ attempt to do any type of business, from banking to filing for bankruptcy protection. Over the years, insurance coverage options have expanded for dispensaries and many operators are required by state and local laws to carry certain policies.
As retailers try to recover from looting and vandalism that attended the recent civil unrest, marijuana businesses face an uphill battle to collect insurance on lost product, experts say.
"From the insurance perspective, some policies issued to cannabis businesses exclude coverage for 'riot,' 'civil unrest' or 'civil commotion.' It appears some insurers are already denying cannabis retailers' claims on that basis," said Jason Horst,...
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