How Cannabis Legalization Impacts Your Insurance Coverage

Source: the co-operators

The Cannabis Act, also known as Bill C-45, came into effect Oct. 17, legalizing recreational marijuana. Here’s how this landmark decision affects your Home, Auto and Life insurance.

Home insurance

In all provinces except Manitoba and Quebec, you can legally grow up to four cannabis plants on your property for personal use. These four plants are treated the same as any other legal plant on your property and are covered under your Home insurance policy. If you illegally exceed the number of plants allowed in your province or territory, your claim may be denied entirely.

Household members who smoke cannabis aren’t eligible for our non-smoker discount.

Auto insurance

Legislation introduced by the federal government improves roadside screening and implements new charges for driving while impaired by drugs, including cannabis. Driving while under the in fluence of cannabis is illegal and can result in increased auto insurance premiums. Learn more about the dangers of cannabis impaired driving.

Life insurance

If you use cannabis for medicinal purposes, you may be asked about your medical condition during the life insurance application process. While recreational cannabis use won’t impact your rates, heavy use could cause higher premiums or a declined application.

What else you need to know about cannabis

While it’s legal for adults to use cannabis in Canada, each province and territory has different rules. It’s your responsibility to know what’s legal and what isn’t in the province or territory where you live or visit, including:

  • The legal age
  • Where you can buy and use cannabis
  • How much cannabis you can possess

For more information on the cannabis laws, visit the federal government’s Cannabis in Canada website.

‘I think the lines have blurred with medical marijuana’

Read more

Falvey Cargo Underwriting Enters Cannabis Insurance Market in Canada With Greatest Capacity

Recreational Cannabis is officially legal in Canada and Falvey Cargo Underwriting is proud to announce its newest product offering of a customized, fully tailored solution of Stock and Transportation Insurance for the Canadian Cannabis industry.

Isabelle Therrien, Vice President of Falvey Cargo Underwriting, is the designated Underwriter for this new offering. Therrien commented, “At Falvey Cargo Underwriting, we pride ourselves in offering a quality insurance product. Because of our expertise in the Life Science and Pharmaceutical field, the Cannabis industry is a natural fit for us. We feel we can bring our supply chain expertise to the table and work closely with the clients to ensure safe movement of the product.”

Mike Falvey, President and CEO of Falvey Insurance Group adds, “We’re excited to apply our specialization of Life Science, Pharmaceutical, and Government-Regulated Drugs to enter this new market.” Falvey Cargo Underwriting is a division of Falvey Insurance Group, founded by Falvey.

With greater capacity than any other local market, recognition as the industry’s go-to solution for Life Science products, and a proven track record of Underwriting and Claims, Falvey Cargo is prepared and excited to take the lead on underwriting transportation and stock insurance for the Cannabis industry in Canada.

About Falvey Cargo Underwriting

Falvey Cargo underwrites marine cargo coverage in three cargo industry segments: General Cargo, Life Sciences, and Technology. Founded in 1995, Falvey Cargo Underwriting has evolved into the largest cargo covernote holder at Lloyd’s of London, offering the highest capacity in the marine cargo market. Falvey Cargo has over 150 years of combined marine cargo underwriting experience, global reach with local expertise servicing clients around the world from offices in Rhode IslandCaliforniaWashingtonToronto, and London, and dedicated loss prevention, claims processing, and recovery services in-house.

www.falveycargounderwriting.com

About Falvey Insurance Group

Falvey Insurance Group began as a single division, Falvey Cargo Underwriting, opening its first office in 1995 in Wakefield, RI. After 20+ years, the company has evolved into Falvey Insurance Group, comprised of three divisions: Falvey Cargo Underwriting, Falvey Shippers Insurance and Safe Harbor Pollution Insurance becoming, “The Specialized Insurance Experts” in maritime coverage. Falvey underwrites on behalf of Lloyd’s of London, C.V. Starr, Berkshire Hathaway and Argonaut Insurance Company. The flexibility, proactive customer service, claims processing excellence, and comprehensive knowledge that Falvey companies are known for is unparalleled in the insurance industry.

www.falveyinsurancegroup.com

The Co-operators to provide optional medical cannabis coverage

The Co-operators Life Insurance Co. is introducing optional medical cannabis coverage for its largest group plan sponsors.

While the coverage can be added as an optional provision under an extended health-care plan, it requires prior authorization and is subject to an annual maximum.

The insurer will consider cannabis an eligible expense under a health-care spending account, as long as the plan member has met all the guidelines set out by Health Canada. It stipulates that, since medical cannabis doesn’t have a drug identification number, it isn’t eligible for coverage under a prescription drug plan.

However, the Co-operators will consider coverage for conditions where cannabis has been proven effective, such as chronic pain, nausea and vomiting related to chemotherapy and muscle spasticity associated with multiple sclerosis.

The Co-operators joins a growing list of insurers now providing options for group medical cannabis coverage, including SSQ Life Insurance Co. Inc. and Medavie Blue Cross.

Parks Canada allowing pot use at campsites, hiking trails

Bob Boughner, Chatham Daily News 

Parks Canada announced this week that marijuana can be consumed at its campsites – part of a policy of offering visitors a consistent and predictable experience at national parks across the country.

In some provinces, including Ontario, campers will be allowed to smoke pot on hiking trails as long as the trails aren’t within the campgrounds themselves. Marijuana won’t be permitted in common areas within campgrounds such as playgrounds, kitchen shelters, washrooms, parking areas or roads within Parks Canada’s network of parks, national historic sites, national marine conservation areas and historic waterways. Parks Canada’s approach to cannabis will be similar to its policy on the possession and consumption of alcohol.

Parks Canada officials say campers should learn about provincial and municipal laws on cannabis before bringing marijuana to a national park and warn that pot impairment can increase the risk of serious injury.

Canadians will be allowed to take up to 30 grams of cannabis with them on domestic flights and the legal amount can be carried in either a checked bag or carry-on. It remains illegal to transport cannabis outside of Canada even to another jurisdiction where it’s legal.

Cannabis Is The New Kale? Ontario Veggie Growers Are Turning A New Shade Of “Green”

Article by Richard Butler and Giselle Davidian

Ahead of the federal government’s anticipated legalization of recreational cannabis on October 17, 2018, some Canadian vegetable growers are turning to cannabis for relief from years of thinning profit margins.   In addition to the higher revenue potential of cannabis compared to traditional crops, in some cases cannabis production requires less labour and moisture than traditional crops.   Also consider recent reports that suggest current Canadian production levels of cannabis could fall short of demand.

As a result, many growers and greenhouse operators see cannabis as a way to cope with the long-standing challenges of vegetable production, including foreign competition and high costs.   Can we expect to see a shift from the production of green vegetables to green buds?

Before rushing to meet the demand for cannabis, growers in Ontario or owners of commercial space planning to lease to a cannabis production tenant should be aware of the environmental laws and regulations applicable to cannabis operations.

To read the full article, click here.

With the assistance of Lauren Wortsman, Summer Student.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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