MJBizMag November-December 2020 - 120

NAVIGATING
CLAIMS
INSURANCE
Ask your insurance
broker for help if you
need help. Don't give
up, and don't quit.
I know it's lengthy.
It's not a quick
turnaround time on
big theft claims.
-Stephanie Bozzuto
Cannabis Connect Insurance Services
they didn't do a full accounting of their
losses before starting the claims process,
McManamon said.
Adjusting a claim makes it more
dubious in the eyes of the insurance
company and can create delays. The
documentation and details are linked,
he said.
" If you send in a half-hearted
narrative, you're not always going to
get the best response, " McManamon
said. " If you send in an organized and
professional narrative, you're going to
get a better look, because they're going to
want to work that one through and see
what's going on. "
BE READY TO NEGOTIATE
Another good way to make sure the
claims process goes as smoothly as
possible is to provide the insurance
carrier with solid, verifiable information
about the value of the items lost,
said Doug Esposito, a principal
with California-based Owen-Dunn
Insurance Services.
That includes accurate market prices
for lost or stolen inventory, he said,
because the claims process can rightly be
viewed as a business negotiation.
" No one is just going to roll over and
cut you a check. They're going to check
the market to say, 'What are those Gavita
lights going for today? What's a wholesale
pound (of outdoor-grown marijuana)
going for? What is a vape pen with that
amount of concentrate going for?' " Esposito
said. " This is a business transaction,
and there's going to be a negotiation. "
And because it's a negotiation,
companies often have to be patient-even
when the claims process can seem mindnumbingly
slow.
" Take a deep breath and realize this is
not going to be a fast process, " Esposito
said.
120 Marijuana Business Magazine | November-December 2020
John Schroyer is a reporter
for Marijuana Business
Magazine. You can reach
him at john.schroyer@
mjbizdaily.com.
Several insurance experts said there's
no average time frame for how long a
claim can take, but Bozzuto and Esposito
estimated that fairly straightforward theft
claims in the range of five figures might
take only a few months.
If there's physical injury involved in
the claim, however, or if the insured
amount is worth six-figures or more,
then the process can drag out for at least
a year.
" I've got a $250,000 claim right now
on a basic fire that's been going on for
a year, " Esposito said.
" It's been a slugfest just to keep the
thing moving. "

MJBizMag November-December 2020

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