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California has issued approvals for three insurers to begin offering surety bonds to the state’s cannabis industry, the office of Insurance Commissioner Dave Jones said in a statement Thursday.
The North River Insurance Co. and United States Fire Insurance Co. of Delaware, both based in Morristown, New Jersey, and part of Crum & Forster, a Fairfax company, will begin offering coverage immediately. The White Pine Insurance Co., Somerset, Pennsylvania, part of Conifer Holdings Inc., a Southfield, Michigan-based insurance holding company, will begin writing later this month, the statement said.
“I continue to encourage more insurance companies to file cannabis business insurance products with the department to meet the needs of this emerging market,” Mr. Jones said in the statement.
Cannabis business operators are encouraged to check the Medicinal and Adult-Use Cannabis Regulation and Safety Act regulations to determine the applicable cannabis surety bond requirements for the applicable licensing categories, the statement said.
Mr. Jones has convened meetings between commercial insurance company executives and cannabis business owners as part of an initiative to educate the insurance industry about the sophistication and risk management of the cannabis industry, the statement said.
The American Association of Insurance Services, an insurance advisory organization, filed a cannabis businessowners policy in California on Friday that it said was the first of its kind.