MJBizMag November-December 2020 - 118

NAVIGATING
CLAIMS
INSURANCE
Mission Dispensary in Chicago
sends a message to potential
looters after being hit May 31.
Courtesy Photo
lengthy one-anywhere from months to
a year or longer, depending on the size of
the claim in question.
DOCUMENT EVERYTHING
Two steps should take priority after
disaster hits a business:
* Document every possible loss.
* Immediately review insurance
coverage to determine whether a
claim is supported by the policy.
A good insurance broker-the
person who sold you the policy, not the
company you are asking to pay your
claim-should be able to assist with these
steps, said Stephanie Bozzuto, a cofounder
of Cannabis Connect Insurance
Services in California.
" Ask your insurance broker for help
if you need help, " she said. " Don't give
up, and don't quit. I know it's lengthy.
It's not a quick turnaround time on big
theft claims. "
Bozzuto, who chairs the National
Cannabis Industry Association's Risk
Management Committee, said she
knows the process can be discouraging,
particularly for small-business owners.
However, she noted insurance carriers
are increasingly paying out on marijuana
businesses' insurance policies as the
industry matures and as coverage
becomes more airtight.
The other immediate step is to
document as much as possible, which
should bolster the strength of your claim
when it comes time to justify payment.
For instance, any retailer that was
robbed should have a log of inventory
that was on hand. And if a cultivator is
118 Marijuana Business Magazine | November-December 2020
filing a claim that includes inventory
theft, records from the state trackand-trace
system can be used as
documentation, Bozzuto said.
Photos and other documentation
also make valuable records, said Patrick
McManamon, director at Ohio-based
Cannasure Insurance Services.
" When you submit a claim, take
pictures. Take short video clips and
narrate, " McManamon advised, adding
that it's up to the insured business to
prove that the insurance carrier should
pay the claim. " Understand that the
burden is somewhat on you to prove that
you had a loss. "
To that end, he added, precision helps
a lot.
" All too often " companies adjust their
claims upward after the fact because

MJBizMag November-December 2020

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