Compliance and adherence to regulations are the lynchpins to successfully operating a cannabis business. While properly insuring a cannabis business is a sound business practice, it is mandatory in Michigan as well as the cannabis attestation forms.
What Is An Attestation Form?
Under MCL 333.27408 of the Medical Marihuana Facilities Licensing Act and through the passing of Proposal 2 (Adult Use) an applicant and/or licensee must provide proof of financial responsibility in an amount not less than $100,000 for liability for “bodily injury” to “lawful users” resulting from the manufacture, distribution, transportation, or sale of “adulterated marihuana.”
The insurance company, when an applicant and/or licensee’s policy is active, attests to the Marijuana Regulatory Agency (MRA) that the applicant for state operating license has liability coverage for bodily injury to lawful users resulting from the manufacture, distribution, transportation, or sale of adulterated marijuana or adulterated marijuana-infused products in an amount not less than $100,000. It also attests that no product liability exclusion exists in the liability coverage issued to the applicant and/or licensee.
An applicant and/or licensee must carry a $100,000 limit of coverage for each license; for example, a licensee has a Provisioning, Cultivation, and Processor license, therefore, must have $300,000 in Product Liability within their policy.
The insurance carrier (not the insurance agent/broker, attorney, or insured) signs the Attestation form to certify that no liability risk exists that would exclude the coverage mandated. The form is sent to the agent and forwarded to the insured to finalize their section of the form.
Applicable Forms
FAQs
Reach out to your insurance agent and request that they submit to the respected carrier to provide a signed and notarized copy of the attestation form.
The agent’s primary role in obtaining the completed attestation form is to facilitate the carrier to complete the form and return it to the insured in a timely manner.
Attestation forms are typically required prior to obtaining your final license from the state or when your license is coming up for renewal.
As required by the MRA.
Please submit your attestation form request to CommercialLines@ConiferInsurance.com. Our team will sign, notarize, and return these to you.
Contact us if you have any questions.
The loss control suggestions and information contained on this blog is being provided on an advisory basis only. Conifer Insurance Company and its employees make no warranties, expressed or implied, and assume no liability whatsoever for services, products, or loss control measures provided by any service providers. Contact your local, independent insurance agent for insurance coverage advice and policy service.
