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June 4, 2018

At the request of the California Department of Insurance, AAIS has developed a BOP policy for the cannabis industry. It has been approved in California as of today. This article will discuss the new policy, AAIS CB 0204 03 18 Cannabis Business Owners Policy California. A lot of the policy matches the AAIS BOP; we will therefore discuss the parts particular to the coverages related to cannabis exposures.

Topics:

Definitions

Common Policy Conditions

Property Coverages

Property not Covered

Additional Property Excluded and Limitations

Additional Coverages

Extension of Coverages

Coverage C-Loss of Income

Perils

Additional Exclusions

What Must be done in Case of Loss

Valuation of Property Losses

Commercial Liability Coverage-Additional Definitions

Commercial Liability Coverages

Exclusions

Medical Payments

Fire Legal Liability, Personal and Advertising Injury

Additional Liability Exclusions

Supplemental Payments, What Must be Done in Case of Loss, How Much we Pay, Additional Conditions

  Definitions

Many definitions are standard and are found in any policy. Some are particular to the risk involved. The definition of “you” and “your” makes a point to specify that registered domestic partners are included as spouses for the purposes of the policy.

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Insurance Coverage Q&A: When Your License Expired so they Took your Hemp ›

Certain legal products require the grower/seller to have a license in order to grow, store and sell the product. Once an individual's license expires, that individual may find themselves in violation of state laws, and may experience serious consequences.

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