Posted by: jmwilsonmga | July 5, 2011

Interview with an Expert : Medical Marijuana

We are kicking-off a new blog series called, Interview with an Expert, where we will highlight different topics with JMW Experts and provide you with all of the details.  Enjoy our first offering!

Today’s “Interview with an Expert” focuses on Medical Marijuana.  It has been a hot topic (and news item) in many states recently, as legalization begins to be adopted.  This product, Medical Marijuana Insurance, is currently offered by JM Wilson in Michigan only. 

Answering all of our Medical Marijuana Questions is Roxanne Barry, Michigan and Southern Region Property & Casualty Manager. Roxanne has over thirteen years of Property & Casualty Insurance experience and manages, grows, and leads her department of eight underwriters.

So, without further ado, let’s learn about Medical Marijuana Insurance!

 What are some of your agents’ commonly asked questions regarding Medical Marijuana coverage?

  • Well, the most common is – do you have a market, and of course the answer to that is yes! Other common questions would be, can you cover the medicine? Theft? Property in Transit? Professional & Product Liability? The answer to all of these is also “yes!”

Are there any special supplements that are needed to quote Medical Marijuana coverage? Where can an agent find the correct applications to submit the risk to us?

  • In most, but not all cases, we will ask for a supplement. Because there are so many variables to this industry, and we offer a lot of different options based on the client’s unique needs, its probably best to call us at (800)666-5692 and ask for an underwriter in the P&C dept to help you determine the best application suitable to your customer.

What is the minimum premium for Medical Marijuana?

  • We can write a monoline policy for as low as $750!

How have you seen the Medical Marijuana market evolve since Medical Marijuana was legalized in 2008?

  • We’ve definitely seen an increase in the demand for insurance over the last 6 months! I think that it has taken awhile for the industry to really get going, as people have studied and learned the laws, and what is allowable & legal. I think dispensaries, growers and other related medicinal marijuana industries have really started to become almost mainstream, as it is common to hear ads on the radio, and see them in the paper. With this mainstreaming, comes the need to legitimize these businesses, and insurance is a huge part of that!

How long has J.M. Wilson written Medical Marijuana?

  • We have had markets available for around six months, but it is really in the last month or so that our carriers have really fine tuned their products to meet the needs of this up and coming industry. I expect this product to continue to evolve and hopefully expand over the next 12 months.

Have you seen an increase in applications for this coverage?

  • Most certainly we have. I believe this is due in large part to a focused marketing campaign, we really want to see these submissions. We have done our homework and know how to underwrite them.

What type of Medical Marijuana related business can we provide coverage for? Which has been the most requested?

  • I would say that dispensaries are most common – these are where card carrying “patients” can legally purchase their ready to consume “medicine”. We also have seen growers, testing labs, hydroponic supply stores, certification centers, Lessors Risks where the tenants are one of these types of businesses, caregivers and even a few inquiries into doctors & lawyers who specialize in this area of expertise.

Anything else you would like to share with our readers regarding Medical Marijuana coverage?

  • I would like to encourage our agency partners to send these submissions to us. Even if you have never worked on one of these types of risks, we are here to help you through the process. I do believe if properly underwritten, this can be profitable business for us, and it certainly is a unique and interesting product to work on!

Are you currently writing or considering writing Medical Marijuana Coverage?  Please share any questions you may have or any of your experiences with us here on our Blog.  We will respond to any and all questions!

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use.

Copyright 2011 J.M. Wilson Corporation


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