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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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New bill aims to help cannabis businesses obtain insurance

The bill would establish a 'safe harbor' that would prevent federal criminal prosecution and civil liability for agents, brokers and insurers.

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The CLAIM Act has been referred to the House Financial Services Committee, of which Velázquez is the third most senior member. (Photo: Aaron P. Bernstein/Bloomberg) The CLAIM Act has been referred to the House Financial Services Committee, of which Velázquez is the third most senior member. (Photo: Aaron P. Bernstein/Bloomberg)

Rep. Nydia M. Velázquez (D-NY) and Rep. Steve Stivers (R-OH) have introduced H.R. 4074, the Clarifying Law Around Insurance Marijuana (CLAIM) Act, which would help businesses operating in the growing cannabis sector to obtain insurance products.

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Denny Jacob

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at djacob@alm.com.

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