Prices for Product Liability just Increased Vitamin E Acetate Removed from Coverage
Cannabis Licensees will pay more for insurance due to dangerous and deadly vaping-related respiratory illnesses
Cannabis licensees will pay more for product liability insurance
Vitamin E Acetate is being added to a growing list of ingredients insurance companies don’t want to cover
Cannabis licensee removes vaporizing devices off their shelf
The latest bad news with vaporizing devices causing death and lung illness did not take the insurance industry much time to start raising their prices for product liability insurance.
One of our insurance carriers increased the price by 15% for a cannabis manufacturing company. The increase in premium will also mean underwriting by insurance companies is about to become even more cumbersome.
Insurance carrier removes coverage for vitamin e acetate
Even more interesting, the insurance carrier has added vitamin e acetate to the list of ingredients now being excluded or not covered if a claim or lawsuit was to be filed. This ingredient has been identified by the New York State Department of Health as being linked to those individuals experiencing illness.
A recent product recall by Medicine Man identified vitamin e acetate as a ingredient they did not want their customers consuming.