“Did they take a bunch of losses? Nobody knows. That’s the really curious part right now – nobody really knows what’s going on except the guys in London,”
He can say that with a straight face? It doesn’t take Sherlock Holmes to unravel this mystery.
They didnt take a lot of losses, this is a very profitable class. Ask any broker that has been writing it. I wonder if it is because Bolt is an American, traditionally very conservative. Whatever the reason this isnt a great idea, giving Lloyds a bad name with coverholders, brokers and insureds alike
Dave, did you catch the story recently that a business owner moved out of Denver to South Carolina because his employees were high all the time, failed to show for work, unproductive idiots so he went where he could succeed and South Carolina makes Marijuana use illegal. I think he thought he might have better luck finding employees who were clean and wanted to work.
Did you catch the story from those businisses moved to Colorado recently because the got better motivated employees ? And did you forget the over 100.000 new jobs created by the legalization in many also no Cannabis related workplaces? Yes.You seem to forget that.
And btw. Your story was a fantasy story, Out of the mind from somebody opposing the Liberation from Cannabis.
Judging from the vast increase in tax revenues for those states that have legalized the product, I suspect that private enterprise must be doing similar profit activity. This means that the legal industry (i.e. lawyers)will not be far behind to ‘share/redistribute’ this new-found wealth, precluding the necessity to acquire insurance protection, whether it be with Lloyds or some other insurer(s).
We have been working with Mike for a couple of years and the clients have been enjoying the shift to the new carriers. It may produce a few hick ups with companies that have been gliding on Lloyds for the last couple of years. Insuring the Cannabis Industry is always changing.
Property Claim: My product went up in smoke.
Crime Claim: All cash business… the weed store has more cash on had than a bank.
Pollution Claim: The smoke from the fire was toxic and made me high.
Product Liability Claim: Hey there was no warning label on the package that weed was harmful to my brain cells.
Premises Claim: Unsafe premises, I was jacked while at the weed store.
Yup a claim department nightmare and a lawyer’s dream
There is no warning on the package telling you the product is destroying those few brain cells you seem to have. That is because Cannabis is protecting those brain cells against destruction research have shown. It repairs even some damage caused by alcohol, you seem to like. And your other claims are bogus to.
Wow it takes Lloyds to have the common sense here. Plus Obama is not going to be president forever, and who knows if the next president will pick and chose which laws to enforce like Obama has. If we get a good president, then all laws will be obeyed, just like they state in their oath. Oops did I just catch Obama in a lie?
Lloyd’s exit at this moment in time is curious, because as noted the FinCEN guidance letter issued 2/14/14 was intended to encourage bank participation – and since it failed to do so, another letter is said to be coming.
Given this, the Obama administration’s general policy direction, his framing of cannabis reform as a state’s rights issue and recent congressional votes to defund DEA raids on state-compliant businesses all point to the rapidly eroding support for the so-called “war on drugs”.
Lloyd’s left the US marketplace due to the two current Civil Federal RICO cases in Colorado. The dispensary’s insurance carrier, not Lloyd’s, was named as ‘conspirator’ and added to the lawsuit.
Enjoyed all the comments. Has anyone heard any recent (credible) developments about how Lloyd s appetite for this risk in the future. I know there is a ruling coming soon from DEA that will potentially declassify marijuana from a Schedule I drug, which could have big ripple effects in the market.
I have not heard anything from Lloyds. I represent Next Wave and we have a complete solutions with less restrictive forms then Lloyds or any other carrier has been able to provide. check out our coverage’s at http://www.nextwaveins.com. we can coverage GL, Property, Product Liability, Crop, Excess, Equipment Breakdown and even Stock Throughput.
Hidden due to low comment rating. Click here to see.
They didnt take a lot of losses, this is a very profitable class. Ask any broker that has been writing it. I wonder if it is because Bolt is an American, traditionally very conservative. Whatever the reason this isnt a great idea, giving Lloyds a bad name with coverholders, brokers and insureds alike
I find it ironic that he stated “My concerns are that for an industry that is paranoid already” when they are in the marijuana business…
Isn’t that a natural by product of smoking the stuff!
I am sure this decision was made from a HIGH level perspective.
I’m just commenting here so I can follow all the hillarious comments.
Dave, did you catch the story recently that a business owner moved out of Denver to South Carolina because his employees were high all the time, failed to show for work, unproductive idiots so he went where he could succeed and South Carolina makes Marijuana use illegal. I think he thought he might have better luck finding employees who were clean and wanted to work.
it’s unfortunate that is the stereotype, but there are loads of marijuana users (myself included) who are perfectly capable of responsible use
Hidden due to low comment rating. Click here to see.
Judging from the vast increase in tax revenues for those states that have legalized the product, I suspect that private enterprise must be doing similar profit activity. This means that the legal industry (i.e. lawyers)will not be far behind to ‘share/redistribute’ this new-found wealth, precluding the necessity to acquire insurance protection, whether it be with Lloyds or some other insurer(s).
Far out maaan…oh wait…
We have been working with Mike for a couple of years and the clients have been enjoying the shift to the new carriers. It may produce a few hick ups with companies that have been gliding on Lloyds for the last couple of years. Insuring the Cannabis Industry is always changing.
Hidden due to low comment rating. Click here to see.
Property Claim: My product went up in smoke.
Crime Claim: All cash business… the weed store has more cash on had than a bank.
Pollution Claim: The smoke from the fire was toxic and made me high.
Product Liability Claim: Hey there was no warning label on the package that weed was harmful to my brain cells.
Premises Claim: Unsafe premises, I was jacked while at the weed store.
Yup a claim department nightmare and a lawyer’s dream
Hidden due to low comment rating. Click here to see.
Wow it takes Lloyds to have the common sense here. Plus Obama is not going to be president forever, and who knows if the next president will pick and chose which laws to enforce like Obama has. If we get a good president, then all laws will be obeyed, just like they state in their oath. Oops did I just catch Obama in a lie?
Troll
Lloyd’s exit at this moment in time is curious, because as noted the FinCEN guidance letter issued 2/14/14 was intended to encourage bank participation – and since it failed to do so, another letter is said to be coming.
Given this, the Obama administration’s general policy direction, his framing of cannabis reform as a state’s rights issue and recent congressional votes to defund DEA raids on state-compliant businesses all point to the rapidly eroding support for the so-called “war on drugs”.
Any schedule I possession is still very much illegal under Federal law and any proceeds derived from that activity are subject to forfeiture.
anon, do you think the dealers pay their premiums in cash at the agent’s office?
Lloyd’s left the US marketplace due to the two current Civil Federal RICO cases in Colorado. The dispensary’s insurance carrier, not Lloyd’s, was named as ‘conspirator’ and added to the lawsuit.
Do you know the names of the cannabis business that were named in the RICO case? I have not read this yet.
Enjoyed all the comments. Has anyone heard any recent (credible) developments about how Lloyd s appetite for this risk in the future. I know there is a ruling coming soon from DEA that will potentially declassify marijuana from a Schedule I drug, which could have big ripple effects in the market.
I have not heard anything from Lloyds. I represent Next Wave and we have a complete solutions with less restrictive forms then Lloyds or any other carrier has been able to provide. check out our coverage’s at http://www.nextwaveins.com. we can coverage GL, Property, Product Liability, Crop, Excess, Equipment Breakdown and even Stock Throughput.
feel free to call me direct 916-519-1850
Michael Aberle
Program Admin | SVP
Next Wave