When it comes to emerging risks, nowhere are they more apparent than in the insurance industry. From cyber liability to product recalls to Ebola, the list of risks insurers must anticipate for their clients is long and varied, and continues to grow.

A new issue insurers will be grappling with encompasses losses involving illegal or medical marijuana. Possessing, using or growing marijuana is illegal under federal law, but many states are passing laws that conflict with that statute. And while the generally accepted rationale for denying claims is whether or not the loss is illegal under federal law, state statutes are challenging that premise.

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