It
is in fact a plant variety put to various uses – but more known for it use as recreational
drug around the world, only behind alcohol, caffeine and tobacco. In the United States
alone, it is believed that over 100 million Americans have tried this !!
Fire
Policy is prominent one in Property Insurance.
Underwriters carefully seek to analyse the details of subject matter
offered for insurance, and decide on whether to insure, if so – the insuring
terms and conditions and then the rate of premium to be charged for coverage of
that particular risk. It is a condition
of the Policy that ‘the insurance would cease to attach …… if the trade or
manufacture carried on be altered or if the nature of occupation of other
circumstances affecting the building insured or containing the insured property
be changed’……. In effect there is
insurance coverage as long as the insured property remains in similar condition
as it was proposed for insurance, any material change will have to be intimated
to the Insurers and their consent obtained.
The Insurers may agree to continue coverage at existing rates, or at
enhanced rates or revise the terms and conditions of coverage or even deny
coverage by cancelling the existing policy.
The
plant described at the start of this post is ‘Cannabis’ - a genus of flowering plants that includes
three putative varieties, Cannabis sativa,Cannabis indica, and Cannabis
ruderalis. Cannabis has long been used for fibre (hemp), for seed and seed
oils, for medicinal purposes, and as a recreational drug.
There
was a property, a greenhouse, proposed and accepted for Insurance, was damaged
– hence the policy holders preferred a claim.
Claim was repudiated by the Insurers on the grounds that there was
material change in the occupation which was never intimated to them. The owners are reportedly now suing their
brokers for not passing on the information to the Insurers and obtaining their
consent.
In
US, in the year 2011, Federal Agents raided a large medical marijuana operation
in the former Montana State Nursery in Helena
reportedly causing at least $75,000 in
damage to the building. The building owner had rented out the premises to
another premises who were in medical marijuana business. It is claimed that the owners did inform of
their action of renting out to their Insurance brokers, who failed to pass on
the information to the Insurers.
When
a claim was preferred for damage, the Insurers naturally denied claim stating
change in the risk profile. After the
raid, the business had to be shut down and the operations left visible damage to the building and its
electrical and heating equipment. The
present law suit is sought to be against the Insurance brokers reportedly for
their wrong communication of assured continuance of insurance coverage. It is contended that if the information of
the marijuana-growing had been duly conveyed to the Insurers, either they would
have accepted and continued to be on risk or if they had conveyed declinature,
the same could have been proposed for insurance with material fact with some
other Insurer.
The
suit reportedly is against the Brokers – the Insurers and Federal Govt are not
named as defendants in the suit.
With
regards – S. Sampathkumar
Source
of law suit : http://helenair.com/news/local/claim-feds-caused-k-damage-in-pot-raid/article_f63fe384-9354-11e1-b03f-0019bb2963f4.html
Though
this link contains details of parties, only basic information is reproduced
with my inputs.
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