I-502 Recreational Retail Store Insurance
WAC-314-55-092 Insurance requirements
Three new insurance vendors have been approved to provide approved retail-recreational stores liability insurance coverage pursuant to WAC 314-55-082 to provide better coverage and more competitive pricing plans. Our team specializes in getting you the best plans in today’s cannabis insurance market.
Cannabis licensees must obtain insurance coverage as set out in this section. The intent of the required insurance is to protect the consumer should there be any claims, suits, actions, costs, damages, or expenses arising from any negligent or intentional act or omission of the cannabis licensees. Cannabis licensees shall furnish evidence in the form of a certificate of insurance satisfactory to the WSLCB that insurance, in the following kinds and minimum amounts, has been secured. Failure to provide proof of insurance, as required, may result in license cancellation.
Commercial general liability (CGL) or commercial umbrella insurance (if necessary for adequate coverage CUI) is required for all licensees under the WAC. Under subsection (1), licensees must always carry and maintain CGL and if necessary, CUI for bodily injury and property damage arising out of licensed activities. The insurance shall cover such claims as may be caused by any act, commission, or negligence of the licensee or its officers, agents, representatives, assigns, or servants. The insurance shall also cover bodily injury, including diseases, illness and death, and property damage arising out of the licensee’s premises/operations, products, and personal injury. The limits of liability insurance shall not be less than one million dollars.
Commercial general liability or commercial umbrella insurance coverage would likely cover instances of product liability claims. Separate product liability coverage is not required under the rule so long as the commercial liability or umbrella coverage is sufficient. More information can be found about coverage for cannabis businesses is available at the Office of Insurance Commissioners Website.
To apply simply fill out our simple I-502 retail insurance application below or upload a copy of your previous policy below.