News Briefs
Business Insurance Quotes Stewart on the Need for Additional Cyber Coverage Insurance
July 24, 2019
Ian Stewart (Partner-Los Angeles) was quoted in a July 1, 2019, Business Insurance article titled, “Pot Market Tests Appetite of Cyber Insurers.” The federal classification of cannabis as a controlled substance is the main deterrent to insurers entering the field, as they believe legal uncertainty would surround potential claims. “For a broker to place cyber insurance for cannabis businesses presently, they have to go to discrete markets on a sort of one-off basis,” said Ian. Brokers must sometimes “push” insurers to cover cyber risks for cannabis, and an insurer “may look at a potential insured and say OK, but then not write another,” he said. “The industry definitely needs additional markets opening for cyber coverage.”