Changes to Lloyd’s of London Cannabis Insurance
By Hayes Brokers
As you may have already heard, Lloyd’s of London announced last week that they are pulling out of the cannabis insurance industry effective immediately. Their reason? They no longer want to write business in the US until the cannabis industry is legal (no longer classified as a Schedule One drug) nationwide so as to avoid problems with federal authorities in states where marijuana is legal medically or recreationally.
As a member of the cannabis industry, Hayes Brokers is sure that you have questions about how this decision will affect your business, particularly if your insurer is Lloyd’s of London. Here are some answers to the most frequently asked questions we have received.
Lloyd’s is my insurance carrier. Will my policy be cancelled?
No. There are no plans to cancel midterm any policies that are currently in force. All policies currently in force will continue to be effective...
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