On October 17, 2018, Prime Minister Justin Trudeau announced that recreational cannabis use is no longer a crime. The official legislation is called the Cannabis Act, Bill C-45 which legalized cannabis for recreational use in Canada and imposed regulations similar to what we have with alcohol. Nowadays, cannabis can be purchased online through provincial governments or physical storefronts. The business of growing cannabis and the adjacent industries that supply it or make derivative products out of it are booming. With this boom, more and more brokers are getting questions about insuring cannabis risks.
Since this is a relatively new industry, there’s not a lot of information out there and many insurers are taking a “wait and see” approach. Luckily, we’ve enlisted experts, gotten our hands on different sample policy wordings and put together an accredited continuing education course covering exactly that.
IC76 – Cannabis
This course is accredited for 1 CE hour in Manitoba by the Insurance Council of Manitoba and 1.5 Management credits in Ontario by RIBO. It gives you a strong legal foundation regarding cannabis legalization, other applicable legislation like Fintract, Food and Drugs Act and Anti Money Laundering, as well as the impact of cannabis on both personal and commercial lines insurance.
It covers a variety of topics like:
- Workers Compensation,
- Property,
- Crime Coverage,
- General Liability,
- Occupier’s Liability,
- Premises Liability,
- Equipment Breakdown,
- Surety,
- Products Recall,
- Specialty E&O & Crop Coverage,
- Risk Management.
IC77 – Cannabis and Insurance Part 2
This course is a follow-up to IC76 and is accredited for 1 CE hour in Manitoba by the Insurance Council of Manitoba and in Ontario by RIBO (Technical). In this course, you’ll learn about insuring cannabis risks including any special forms and conditions you should be aware of.
Topics covered include:
- Disclosure Requirements
- Eligible Classes
- Commercial Property
- Money & Employee Dishonesty
- FINTRAC
- General Liability – Premises, Products
- Machinery & Equipment Breakdown
- Transit & Storage
- Surety
- Product Recall
- Cyber
- Workplace Impairment
- E&O / Malpractice
- Directors & Officers
- Environmental Concerns
- Insurance for Landlords
- Marijuana Events
For BC licensees, we’ve created a cannabis insurance course for you combining BOTH IC76 & IC77 into a 2 CE hour program.
Whether you’re an experienced commercial lines broker or completely new to the industry, cannabis is set to have a big impact on the insurance industry and you’re bound to have clients asking about it. If you’re looking to attract new clients, become a more knowledgeable broker or avoid E&O, you should learn about this emerging area of the industry.