Calif. approves liability, recall program for pot industry
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The California Insurance Department has approved a new product liability and product recall program for the cannabis industry that will be offered by Continental Heritage Insurance Co.
The program, which was announced by Insurance Commissioner Dave Jones on Wednesday, offers coverage to businesses with license types including cultivator, manufacturer, distributor, retail and medical. Laboratory testing licenses are not eligible for this program.
“The core component of this insurance program is the applicant's ability to conduct licensed activities in compliance with California laws and regulations and to produce and sell consistently safe products,” said the Department in a statement.
“The commercial cannabis business is an evolving industry, and Continental Heritage will monitor changes, collect data and make appropriate changes as necessary.”
Mayfield, Ohio-based Continental said in a statement, “We’re excited to soon offer broad and true coverage to an industry underserved of real insurance products.”
In February, Continental Heritage became the first insurer in California to be approved to offer surety bonds for the cannabis industry.
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