Illustrate a cannabis plant

Insuring Cannabis Businesses – Issues and Problems

Insuring cannabis businesses can be problematic. During the course of the past two years, I’ve written several new insurance continuing education (CE) online and webinar courses for my client, A.D. Banker & Company. One of the most recent webinars is Insuring Cannabis Risks. The course is the brainchild of inquiries submitted by individuals who attended a free monthly webinar I co-host with A.D. Banker vice president, Pam Reihs. During each 1-hour Insurance Trends Webinar, Pam and I talk about insurance topics of current relevancy. How to insure cannabis businesses is always at the top of the list. Questions we often

Writing Events

February 10, 2021 Linda and three other writers (Edith Maxwell, Tonya Price, and Sarah Smith) will plot a mystery on their feet … with suggestions from the audience. A fun time for all! For more information, or to register, visit: https://www.barringtonlibrary.org/events/2020/12/11/mystery-making-sisters-crime-new-england Note: registration closes at 9 a.m. on Tuesday, February 10. March 6, 2021 Linda,

Prepare for Hurricane Season

In this week’s podcast episode, I talk about how insurance agents can help their policyholders prepare for hurricane season. Here are a few excerpts from the podcast, along with resources that appear at the end of the post: Did you know? Hurricane season begins on June 1 in the Atlantic and on May 15 in the Eastern Pacific. In all locations, it ends on November 30. The biggest threat during a hurricane is storm surge–especially at high tide. The National Weather Service reports that the number of hurricanes keeps growing each year. During high winds, the 4 biggest areas of

COVID, the Insurance Industry, and our Crystal Balls

This week, I ventured down a slightly different path on my podcast. I talked about COVID and insurance, but more about what I believe we need to consider for the future rather than about what is happening today. Take a listen and then share what YOU think might happen: https://episodes.castos.com/5e6ccb9ab4cf97-55025247/TMoI-Episode-12-MR.mp3

How Homeowners Insurance Works When You’re Working from Home

The homeowners policy was designed to insure personal risks, not business risks. For this reason, virtually all coverage for business property and liability is explicitly excluded in the homeowners policy. Very limited property coverage is included for business personal property. The limit usually ranges between $1,000 and $2,500 if the business property is at your house. The limit is much less for business property anywhere else–like in your car. Liability coverage for business activities is also severely limited. It only applies to incidents that occur on your property at home, and only for those that arise when: Your house is

Legal Liability and the Pandemic

People are talking about lawsuits these days, even more fervently than usual. Why? Because the big question is: What will happen if a person claims he or she contracted COVID-19 at a restaurant, or store, or at work … and then sues the business owner? Will the business’ insurance policy pay the claim? At the moment, it’s impossible to answer that question with any certainty because we have no precedent to follow. In other words, we’re in uncharted waters. One of the first things to remember about insurance claims (with or without associated lawsuits being filed) is that liability insurance

Podcast Guest: Barb Gavitt Talks Insurance Licensing in a Pandemic

Barb Gavitt is Vice President of Product Development and Education at A.D. Banker & Company, one of the leading insurance pre-licensing and continuing education providers in the country. She is also the 2020 president of the Securities & Insurance Licensing Authority. Barb sat down with me recently to discuss the challenges many have been facing, and continue to face, in light of the COVID-19 pandemic shutdown. Although the insurance and financial services industries have been deemed “essential” during shelter-in-place orders, the licensing test centers were not. This means that individuals who were already hired to work in the industry could

Update: Cannabis Regulation

In prepping for the SILA Foundation webinar I presented yesterday, I have two items to share with you since the last time I blogged on the topic of cannabis. Topic #1: Decriminalization A number of states have decriminalized marijuana. Contrary to what many people infer from the term “decriminalized,” it does NOT mean a person is not guilty of a crime of possessing, growing, or selling marijuana. Unless the state has passed a law that stipulates the medical, or adult recreational, use/possession/sale of marijuana IS legal, it is still a crime. What the term means is that if a person

Business Interruption Insurance and the Pandemic

In a number of states, legislation has been proposed to compel insurance companies to pay business interruption losses. Before I discuss the 2 biggest issues related to this pending legislation, let me recap exactly what business interruption insurance is. Business interruption (BI) coverage is a form of indirect PROPERTY insurance. This mean’s a covered peril in a property policy must cause a loss, and that insured loss must, in turn, trigger the business to shut down operations. For example, if a business’ building were destroyed by an arsonist, the covered peril of fire caused the property loss. The business’ BI