California’s 1st Cannabis Insurer Expands Coverage
California Insurance Commissioner Dave Jones approved a filing from Golden Bear Insurance Co. amending its California Cannabis program product to lower rates, expand coverage options, and expand the classes of business covered.
Jones last year approved Golden Bear’s filing to make it the first admitted commercial insurance carrier to offer cannabis business insurance in the state.
Since then, the department has approved five additional insurers to write cannabis-related insurance products in the California market.
“We are very excited to roll out equipment breakdown coverage among other new coverages to our cannabis package policy,” Michael Brown, vice president and underwriting property manager at Golden Bear, said in a statement. “This additional endorsement will provide our insureds with vital coverage for losses to inventory and income caused by the failure of refrigeration equipment, HVAC equipment, and manufacturing equipment so important to the cannabis industry.”