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…
Updated on June 04, 2018
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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.
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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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.