Assessing cannabis-related insurance claims
Last fall, ALM launched the Cannabis Insurance Coverage Specialist (CICS) designation for companies serving cannabis-touching businesses. The designation focuses on issues involving real estate, risk management, medical and health concerns, workers' compensation and employment, financial services and legal matters.
The latest course in the designation involves handling cannabis-related claims. Since cannabis is still considered a Schedule 1 drug by the federal government, it creates a level of complexity for insurers providing coverage for cultivators, processors, and dispensaries, as well as for the resulting insurance claims.
The latest Insurance Speak podcast features a conversation with Chantal Roberts, an expert in claim handling practices, standards and procedures, and the subject matter expert and author of the Understanding and Handling Cannabis Insurance Claims module for the CICS designation, which launches shortly.
Roberts shares that when adjusters handle a claim, "a claim is a claim is a claim." However, one of the major differences for cannabis claims "is that this is an emerging market" and adjusters and insurers are still learning some of the coverage intricacies and exclusions.
One of those differences involves learning about how marijuana can impair workers, drivers and individuals operating any type of machinery. "We are used to dealing with alcohol impairment," explains Roberts, "but cannabis-impaired driving and working are completely different because it can be in your system for up to 20 days." This means an individual may test positive for marijuana but not be impaired.
For more details on topics like subrogating marijuana claims, ethical issues and the types of policies that can provide coverage for cannabis-touching businesses, listen via the link above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn.
For more information about the Cannabis Insurance Coverage Specialist designation, visit www.nutraining.com.
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