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Washington State Recreatonal Marijuana

WAC 314-55-082 Insurance Requirements Draft I_502 Rules Business Insurance Analysis

Draft Rules I-502 Insurance


Key Components of WAC 314-55-082 Requires Insurance Protect The Consumer Negligence, intentional act or omission of the marijuana licensees Licensee must provide certificate of insurance Failure to provide proof of insurance will jeopardize your license

Greenpoint Insurance Advisors, LLC 2013 All Rights Reserved

Type of Insurance
Commercial General Liability Possible Umbrella Policy Bodily Injury and Property Damage out of licensed activity Claims as may be caused by any act, omission, or negligence of the licensee Cover Bodily Injury , disease, illness, death, and property damage

2013 Greenpoint Insurance Advisors, LLC

Is Product Liability Needed?


"The insurance shall also cover bodily injury, including disease, illness and death arising out of the licensee's premises/operations, products, and personal injury"

Our opinion--YES! Since WAC 314-55-082 Draft Rules has specified products. Most Commercial General Liability policies are offered without products and completed operations coverage or product liability.

2013 Greenpoint Insurance Advisors, LLC All Rights Reserved

Impact on Marijuana Business Owner


Product liability is difficult to obtain due to limited carriers offering product Price will be an important factor More comprehensive protection for the cannabis operator Purchasing coverage has positive impact on public safety
2013 Greenpoint Insurance Advisors, LLC

Impact on Insurance Industry


More insurance carriers willing to offer new programs because of legalization? Not Sure! Insurance carriers have been reluctant due to federal uncertainty and unable to evaluate potential exposure of offering products exposure Check back with us when Colorado opens 1st marijuana store on January 1, 2014
2013 Greenpoint Insurance Advisors, LLC

Greenpoint Insurance Advisors, LLC 11479 S. Pine Dr. Parker, Co 80134 303-841-8999 www.marijuanadispensaryinsurance.com

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