Instant Insights / Marijuana and the Insurance Industry

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)

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.

Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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