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Cannabis businesses face unique risks and challenges, and insurance slowly gaining its footing on how to properly insure this budding industry.

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Legalized marijuana: Opportunity or time bomb? – Part 1

The legalization of marijuana across the country raises multiple issues for carriers that are determining whether to enter into this new economy.

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The impact of legalized marijuana on insurance. Legalizing the use and sale of marijuana at the state level has created a myriad of rules and regulations that vary from state to state. (Photo: Shutterstock)

The number of unknowns surrounding the gradual legalization of marijuana across the U.S. far outweighs what insurers currently understand about this enterprise. For an industry that relies heavily on actuarial data to assess risk, this new venture provides little information on which to base coverage decisions or risk management strategies.

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Patricia L. Harman

Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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