Lloyd’s of London says its insurers shouldn't renew insurance policies for pot operations. The company has been providing a marketplace for the lion’s share of that coverage.
The fact that Lloyd’s of London was getting out of the marijuana insurance business was news to Tim Cullen, who runs Colorado Harvest Company. He gets all the insurance for his dispensaries through them.
"It’s frustrating only in the sense that I did not see that one coming," Cullen said. "Lloyd’s of London has never given any inkling that they might change that policy and then, out of the blue, did."
He says it’s more proof that marijuana businesses are still discriminated against. Cullen has 9 months left on his policy, and he’s confident someone will fill the void in the meantime.
Lloyd’s of London doesn’t underwrite insurance directly, but connects business with insurers. The company said in a statement that it’s recommending those insurers not renew any marijuana policies until the federal government legalizes the drug.