News Brief

Business Insurance Quotes Stewart on High Hopes for the CLAIMS Act

March 30, 2021

Ian Stewart (Partner-Los Angeles, CA) was quoted in the March 30, 2021, edition of Business Insurance in an article titled “Optimism high for passage of federal cannabis insurance bill.” The article details the Clarifying Law Around Insurance of Marijuana Act of 2021 (CLAIM Act), which was introduced in Congress earlier this month. The CLAIM Act would allow insurers to cover cannabis businesses in several states, free from federal penalties. Ian notes that this easy-to-understand bill is specific to the insurance industry and said, “It allows property/casualty and other types of insurers like life to operate with a legal safe harbor.” Ian goes on to describe how the bill is different from the 2019 version and that increased competition among insurers would benefit cannabis businesses. The bill is yet to be finalized, but Ian said, “this time I think there is a palpable optimism for passage.”

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