Major Insurance Firm To Stop Covering Cannabis Businesses
Due to fears of prosecution under the Controlled Substances Act, Lloyd's of London has reportedly suspended any business with marijuana-related clients in the U.S. The infamous insurance group, which insured everything from a dancer's legs to rockstar fingers, wrote a letter last month that states they will no longer support cannabis firms until marijuana is legal on the federal level.
Lloyd's director of performance management Tom Bolt wrote the following:
"Any policies of this type that are currently in force should not be renewed and no new business should be written. Existing quotes issued before today should be notified to your Syndicate Underwriting Performance account executive who will consider on a case by case basis whether the quote may be honored."
The decision is bit uncharacteristic of Lloyd's, which has built a reputation on insuring the weirdest shit ever. It's also worth noting that the Obama administration has promised not to prosecute financial institutions dealing with medical and recreational marijuana-related businesses. Which makes the decision even more mysterious. Since this is something Lloyd's has never done before, the decision could scare away insurers who may now feel paranoid working with the marijuana industry in the U.S.
For more information on the decision, please refer to the original story in the Insurance Journal from June 24, 2015.
Photo of the Lloyds Building in London via Wikimedia
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