X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

More and more states are legalizing marijuana for either medical or recreational use or both; growers, dispensaries, and other companies are forming in order to meet demand. These organizations need insurance, just like everyone else. However, because marijuana is still federally illegal, obtaining insurance is difficult if not impossible for companies to obtain. Senators Menendez, Paul, Merkley and Cramer introduced a Senate bill in 2019 ensuring access to insurance for cannabis-related businesses. A revision to that bill was introduced in 2021.

It was called the Clarifying Law Around Insurance of Marijuana, or CLAIM Act. The act first defines a number of terms. Cannabis is defined as marijuana as defined in the Controlled Substances Act (21 U.S. C. 802).  That defines marijuana  as all parts of the cannabis sativa L. plant, whether growing or not, the seeds, extracted resin, and every compound, manufacture, salt, derivative, mixture, or preparation of the plant, seeds or resin.

This premium content is locked for
FC&S Expert Coverage Interpretation subscribers.

Request a Free Trial today to enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.

  • Trusted, quality content from industry experts with over 60 years insurance experience, combined
  • Customizable alerts of changes in relevant policies and trends
  • Search and navigate Q&As to find answers to your specific questions
  • Filter by article, discussion, analysis and more to find the exact information you’re looking for
  • Continually updated to bring you the latest reports, trending topics, and coverage analysis

Already have an account?
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].

FC&S Editors

 

Get Answers Directly From the FC&S Experts

Submit your coverage interpretation question to the editors of FC&S for quick and reliable information.

Question of the Week

Insurance Coverage Q&A: Ruptured Pipes, Backup, and Water under the House ›

When a pipe ruptures and leads to water backup and also a sinkhole, what is or isn't covered?

Question of the Week Archive ›
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.