The specialty marketplace for cannabis operators and the broader insurance market as a whole are tightening, and policy language is being revised as insurers respond to COVID-19, speakers said during a Business Insurance webinar Wednesday.
Despite the challenges, there are steps cannabis operators can take to make themselves more insurable, they said.
From a coverage standpoint, one of the key changes since COVID-19 arrived is that insurers are “not so zealous about writing business that they would usually write,” said Summer Jenkins, Sacramento, California-based senior product development manager at Cannasure Insurance Services.
“Underwriting guidelines are tightening up, and insurers are also responding with coverage form changes. Clarity in the coverage language is always helpful for the insured and the carrier during the claims process. We’ll continue to see things like that develop,” Ms. Jenkins said.
Business income insurance, also known as business interruption insurance, is one area of change since COVID-19, panelists said.
Insurers are not necessarily looking to write business income on all accounts, Ms. Jenkins said.
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