California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
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SACRAMENTO, Calif., Feb. 21, 2018 /Weed Wire/ — Insurance Commissioner Dave Jones announced today he has approved the first surety bond program for the cannabis industry in the State of California. Continental Heritage Insurance Company is the first insurer in the state to be approved to offer surety bonds for the cannabis industry.
It looks like the California Insurance Commissioner has taken a pivotal step for the state’s cannabis industry. On Nov. 2, 2017, Dave Jones approved a commercial insurer’s offering of cannabis business insurance for the first time.
Cannabis businesses licensed by the State of California may now purchase commercial insurance coverage from an admitted commercial insurance company. Insurance Commissioner Dave Jones has approved the filing of the first admitted commercial insurance company to file cannabis business insurance, so that the insurer can begin writing policies and offering coverage for cannabis business owners.
With last week’s devastating wildfires in Northern California and the state’s impending rollout of recreational cannabis on Jan. 1, 2018, California wants legal cannabis businesses to have commercial cannabis coverage and California Insurance Commissioner Dave Jones is on a mission to make it happen.
LOS ANGELES, Calif., Oct. 19, 2017 /Weed Wire/ — Insurance Commissioner Dave Jones held a public hearing today to identify insurance gaps faced by the cannabis industry. Cannabis businesses and insurance industry representatives testified about the limited availability of insurance for the cannabis businesses.
Wildfires are continuing to lay waste to Northern California. Beyond the loss of life and land, some of those that have survived are waiting to sift through the ashes of their cannabis businesses knowing they don’t have cannabis insurance to recoup their losses.
On May 23, 2017, Dave Jones, Insurance Commissioner for the California Department of Insurance, brought together a group of 63 insurance-related stakeholders to discuss cannabis protections for state-legal cannabis businesses.
SACRAMENTO, Calif., May 22, 2017 /Weed Wire/ — Today Insurance Commissioner Dave Jones convened 63 insurance-related stakeholders to make sure they have time to comment on cannabis-related regulations with insurance provisions currently under consideration by other state agencies.