Attention:

How Legalized Marijuana Will Affect the Insurance Industry


Level: Advanced
Runtime: 59 minutes
Recorded Date: July 23, 2019
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Agenda


  • Marijuana Overview
  • Revenue Projections
  • Cannabis vs. Other Industries
  • Loss Mitigation in the Cannabis Industry
  • Legal Issues for Issuers
  • The Role of the USDA
  • The Role of the FDA
  • CBD Product Liability
  • Employment Issues
  • Products
  • Moderated Q & A
  • Closing Remarks
Runtime: 1 hour
Recorded: July 23, 2019

Description

The legalization of marijuana will touch every line of insurance: property & casualty, commercial general liability, workers’ compensation, directors and officers liability, cyber, product liability, health and life insurance at the very least. Providing coverage to these new enterprises can be a new area of business for insurers, but it’s also a potential minefield. Employers are facing questions about zero tolerance policies and whether or not their workers’ comp insurance must pay for medical marijuana. The answers are hazy at best.

This program will examine the risks for insurers, marijuana-related businesses and employers whose employees may use marijuana medically or recreationally.

This program was recorded on July 23rd, 2019.

Provided By

Property Casualty 360

Panelists

Ian A. Stewart

Partner
Wilson Elser Mokowitz Edelman & Dicker LLP

Ian Stewart has defended complex litigation in state and federal courts for more than 20 years with a focus on product liability, complex general casualty, cannabis law, transportation and marine claims, data privacy and security, and intellectual property litigation. Ian is co-chair of the firm’s Cannabis Law practice and a member of the Information Governance Leadership Committee.

Ian is committed to client communication and cost-effective litigation management. He is a proponent of efficient claim resolution and Legal Project Management. Ian goes out of his way to ensure that he understands his clients’ business and goals so that an agreed strategy can be identified and implemented at the outset of any litigated matter.

As co-chair of the firm’s Cannabis Law practice, Ian leverages his more than 20 years of legal experience to help clients navigate the challenging new risk management, business practices and insurance landscape presented by the rapidly developing area of Cannabis and Hemp Law. Ian works with licensed cannabis operators to comply with their obligations under the law and to develop risk management best practices. He advises companies on the rapidly evolving area of hemp-derived cannabidiol (CBD) and the interplay with U.S. food and drug laws. Ian regularly advises insurance companies on cannabis-related underwriting practices and the development of new policy forms. He also works with financial institutions and professional services firms on best practices for operating in a challenging regulatory environment.

Ian is chair of the National Cannabis Industry Association (NCIA) Finance and Insurance Committee, vice chair of the California Cannabis Industry Association (CCIA) Insurance Committee, and a member of the advisory board of the National Native American Cannabis Association. He is one of MG Magazine’s “30 Powerful Cannabis Attorneys You Should Know,” received a 2019 Readers’ Choice Award by JD Supra for his publication on cannabis consumer class actions, and received National Law Review’s award as “Go-To Thought Leader 2018” for his publications on cannabis law.

Ian earned his JD at the Saint Louis University School of Law in 1996.

Patrick McManamon

CEO
Cannasure Insurance Services

Patrick (Pat) McManamon is a pioneer in the cannabis insurance industry. The Founder and Chief Executive Officer of Cannasure Insurance Services, LLC (Cannasure), is a highly recognized insurance thought leader in all sectors of the cannabis and hemp industries ranging from dispensaries, cultivators, processor/manufactures, testing laboratories, landlords and ancillary businesses.

What started out as a request for general liability insurance for a cannabis dispensary in 2009, Patrick spearheaded Cannasure to be the premier insurance solution provider in the marijuana industry. The firm is exclusive to the cannabis and hemp industries as a wholesale broker and MGA that facilitates insurance coverage placements, develops product/programs, underwrites and services standard, alternative risk as well as risk management placements.

Patrick’s expertise keeps him busy and well sought after to speak at insurance and cannabis and hemp events, advisor to many state regulators and frequently interviewed for his position or thoughts on cannabis and hemp trends by leading media outlets such as Crittenden, CNN, Wall Street Journal, Crain’s, Business Insurance, Insurance Journal, and MJ Biz Daily.

Patrick recently concluded his tenure as the first Chairman of the National Cannabis Insurance Association’s (NCIA) insurance and finance committees. In addition, Patrick is a founding member of NCIA of Ohio.

Patrick is also an active member of ArcView Group (Cannabis Investment and Market Research).

Prior to Cannasure, Patrick was the President of McManamon Insurance, third-generation insurance group located in Cleveland, Ohio, where he guided the growth of the company in the emerging markets.

Patrick is a graduate of the University of Dayton with a degree in Political Science. A dedicated family man with three children, when not coaching his son’s youth lacrosse team he spends his free time supporting local organizations such as Ohio City Lacrosse and the House of Champions.

Teresa Bartlett, M.D.

Senior Medical Officer
Sedgwick

Dr. Teresa Bartlett is a senior vice president and medical director with Sedgwick and began her business career by joining a large automotive manufacturer. She spent 20 years managing large, self-insured, multi-state workers’ compensation programs as well as the WSIB Canadian program. This involved PPO and IME network development and management, and claim and litigation management. The short-term disability (STD) program that Dr. Bartlett managed was union-negotiated. She developed an evidence-based medical substantiation process that saved millions of dollars and reversed the escalating STD trend. The long-term disability program was ERISA-based and was also supported by the evidence-based medical substantiation process. In conjunction with these programs, Dr. Bartlett developed a benchmark fraud detection system that included both provider and employee fraud for both the U.S. and Canada.

The scope of her expertise spans more than just occupational and non-occupational claim programs; Dr. Bartlett managed the occupational physicians within 32 manufacturing facilities. This involved a detailed understanding of safety and OSHA programs and required leadership to secure the necessary manufacturing support for the sophisticated return and retain-at-work process. This team won the Corporate Health Achievement Award from ACOEM in 2005 for the Development and Implementation of a Best Practice Clinical Model.

Her most recent role before joining the Sedgwick team was planning, strategy and operations of healthcare benefits. This involved responsibility for developing a care management strategy. This strategy encompassed the total spectrum of care from healthy through catastrophic, including mental health substance abuse and end-of-life hospice care.

The span of her experience includes hospital bill audits, case management, disease management, focused disease management, quality initiatives, patient safety, review of new medical procedures and technology and medical utilization data analysis. During her career, she has had the opportunity to manage and mold wellness and fitness programs that evolved into award-winning programs that were integrated into the benefit and claim structure.

Dr. Bartlett was the recipient of the Crain’s Detroit Business 2008 Health Care Hero Award for bringing an innovative program to address back pain in the workplace.

Dr. Bartlett was instrumental in developing a large-scale medical emergency response. The team she led was responsible for developing and maintaining a medical preparedness plan using the possible avian flu pandemic as the demonstration model. This required coordination with government agencies and national hospital systems to assess response and readiness should a qualified event occur. This resulted in Dr. Bartlett being featured on NBC local news to educate and promote medical preparedness.

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