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- Written by: California Insurance Commissioner’s Office
California Mutual Insurance Co. is the first insurer in the state approved to add Lessor's Risk coverage for property owners who are exposed to specific risks resulting from cannabis related business activities of their commercial tenants.
"As insurance commissioner, my goal is to make sure all Californians have insurance protection-including the legalized cannabis businesses in California," said Commissioner Jones. "I want to make sure that when consumers shop in cannabis businesses, when investors and owners invest in cannabis businesses, when vendors sell to cannabis businesses, and when landlords rent to cannabis businesses, there is insurance coverage available to cover everyone from losses. I encourage more insurance companies to follow California Mutual Insurance Co.’s lead and file insurance programs to fill the gaps in coverage for the cannabis industry."
Lessor's Risk coverage provides liability and property insurance for commercial property owners who lease building space to commercial tenants.
Specific commercial activities and businesses addressed by this coverage include cannabis labs, product manufacturing, cultivation, and dispensary operations.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry.
As a result of Jones' initiative, the first filing and approval of commercial insurance for the cannabis industry was announced in November of last year and the first surety bond program for the industry was announced in February.
Tuesday’s announcement is another first – the first insurance for commercial landlords renting to cannabis businesses. The availability of this insurance will reduce barriers to obtaining leased space faced by the cannabis industry.
Last week, Commissioner Jones renewed his call for insurers to offer insurance products for California's legalized cannabis industry in the wake of published reports that President Trump has abandoned Attorney General Jeff Sessions' policy on federal law enforcement of cannabis.
Jones sent a formal letter to California insurers encouraging them to fill insurance gaps for California's cannabis businesses.
Jones has convened meetings between commercial insurance executives and cannabis business owners to educate the insurance industry about the sophistication, professionalism and risk management of the cannabis industry. Jones has also organized tours for insurance executives at cannabis businesses.
In October of last year, Jones held a first-in-the-nation public hearing to identify insurance gaps faced by the cannabis industry. Cannabis businesses and insurance industry representatives testified about the limited availability of insurance for cannabis businesses.
The hearing revealed that while there is insurance available from surplus lines insurers, coverage is limited in scope and, until the approval announced last November, commercial carriers were not yet writing insurance.
Jones also announced that department staff would be allocated to expedite cannabis insurance filings.
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- Written by: California Insurance Commissioner's Office
Since the voters of California voted to legalize adult recreational use of cannabis in November 2016,
Commissioner Jones has worked to get insurers to offer insurance products to cover the insurance needs of the cannabis industry.
Over 24 surplus lines insurers and the first admitted insurer are now offering insurance for various risks faced by the cannabis businesses in California.
Commissioner Jones sent a formal letter last week to California insurers encouraging them to fill insurance gaps for California's cannabis businesses. In part Jones' letter reads:
"The mission of the California Department of Insurance is 'Insurance Protection for All Californians.' We work with the insurance industry to promote a healthy insurance market that offers insurance products to meet the ever-changing needs of Californians and California businesses. This includes making insurance available to the state licensed legal cannabis businesses in California.
“Even prior to the most recent decision by President Trump, there have been no reported instances of federal prosecution of a cannabis business lawfully operating in a state that legalized cannabis. The recent decision by President Trump should reduce further the risk of federal prosecution of legal cannabis businesses and the insurers that provide them insurance.
The Department of Insurance will process cannabis rate filings expeditiously and will not object to proposed rates that have a rational basis. I invite insurance companies to take advantage of the tremendous market opportunity represented by the cannabis industry that currently has revenues of $9 billion and is projected to grow to $60 billion by 2027. I look forward to the opportunity to work with insurers to increase the availability of insurance for the California cannabis industry."
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- Written by: U.S. Cellular
On Friday, April 27, and Saturday, April 28, there will be free large umbrellas for anyone who visits the store and a mobile prize wheel where customers can use their smartphones to spin to win prizes that include bill credits and accessory discounts.
“We want to regularly thank our loyal customers, and these celebrations are a fun way for our local associates to let our customers know how much they mean to us, said Erryn Andersen, director of sales for U.S. Cellular in the northwest. “We held two of these events at our store last year, and we want to encourage the entire community to come see what they are all about.”
The Customer Appreciation Celebration kicks off a smartphone sale at all U.S. Cellular stores where there will be some of the best deals of the year on a variety of the latest smartphones.
The Clearlake store is located in the Burns Valley Mall at 14896 Olympic Drive.
For more information, call 707-995-1263.
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- Written by: State Treasurer's Office
The sale included $947 million in new borrowing authorized by 10 different bond acts and $1.2 billion to refund outstanding general obligation bonds for debt service savings.
The state received orders from over 160 investors, which included bond funds, insurance companies, money managers, municipal governments, banks and international investors from Europe and Asia.
The latest refunding will save taxpayers $354 million over the remaining life of the bonds.
“Refunding older, more expensive debt saves millions of dollars over time,” said Chiang. “It frees up future money needed to pay for vital programs that affect the welfare of every Californian.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of nearly $7 billion over the remaining life of the bonds.
Maturities for the bonds ranged from 2020 to 2038, while final yields ranged from 2.53 percent to 3.94 percent. The overall true interest cost for the sale was 3.91 percent.
The bonds were rated "Aa3" by Moody’s Investors Service, "AA-" by S&P Global Ratings and "AA-" by Fitch Ratings. The bonds are backed by the State of California’s full faith and credit.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were joint senior managers for the sale with The Williams Capital Group, L.P. as co-senior manager.
This week’s sale was the second general obligation bond sale since Treasurer Chiang launched the new www.BuyCaliforniaBonds.com Web site to provide greater efficiency and transparency to investors. The new site offers thousands of pages of financial data and documents about the state’s bond sales.