Mosaic Insurance Alliance, Llc

The protection that product liability insurance provides includes not only payment for injuries your product may cause to a person, but it also includes payment for your defense costs. Product liability defense attorneys tend to charge $400+ per hour, and legal expenses can increase quickly. One of our clients located in the Pacific NW is involved in a lawsuit related to vaping products he sold. The case was filed 18 months ago, and defense costs are now over $100,000. No actual damages have been paid to the plaintiff, and our client expects to be dismissed from the litigation soon. Without product liability insurance, our client would be out of business, despite the fact that he has not been determined legally responsible for the plaintiff’s injuries. The legal fees would have buried him. Product liability cases typically involve everyone involved in the delivery of the cannabis product. Read more here: https://mosaicia.com/cannabis-insurance/cannabis-insurance-faqs/

Business income coverage pays for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations. The policy will pay (up to its limits) until the property can be repaired, rebuilt, or replaced with reasonable speed. The policy will pay lost profit plus fixed expenses—e.g., rent, salaries for key employees or owners, interest payment on debts, etc. This type of insurance is not a standard part of any property insurance policy and must be specifically requested. Some people like to think of business income coverage as disability insurance for a business.

Yes, there are insurance carriers and products in the market that provide coverage for your indoor or greenhouse crops if they are lost to fire, theft, or another qualifying event. However, it is not uncommon for us to suggest our clients consider business interruption coverage instead of crop coverage to enjoy a broader list of covered losses and more cost-effective policy options. Currently, there are not effective insurance products available to secure open-air outdoor growers.

Because of the impact of section 280E of the US tax code, many cannabis business owners segment their business holding into individual business units for tax planning purposes. For instance, a marijuana dispensary licensee who also owns the building in which the dispensary operates would typically create two independent business enterprises, one for the real estate enterprise (landlord) and a second for the business entity that holds the marijuana license and runs the dispensary. In cases such as these, it often requires the purchase of two or more policies to properly protect the business owner. Failing to purchase policies in the correct business entity name could leave the building uninsured for a loss and/or put the marijuana licensee in violation of regulatory requirements.

Yes, for tax planning purposes, most cannabis businesses segment their operations into multiple business entities. How your business structure is built will determine where policy coverage is purchased. It is important that you work with an experienced agent who understands the industry to make sure your policy coverage effectively protects every segment of your marijuana business.

Yes, several insurance companies do not like e-cig or vape cartridges and exclude coverage for these items. To make sure you are not paying for insurance that does not properly protect your business it is important to work with an experienced cannabis insurance agent that can help you understand the requirements and limits of your coverage.

Yes, there are insurance carriers that provide excellent policy options for CBD and businesses producing products in the cannabis health and beauty aid (CHABA) market segment.

Yes, directors and officers insurance coverage is available to provide protection for your executive team from a possible claim or loss event relating to their fiduciary responsibility. These policies can also include coverage designed to protect the executives and management team from employment practice (hiring, firing, harassment) related claim events.

Yes, we are happy to assist with your workers’ compensation policy needs.

General liability, product liability, property policy, professional liability, workers’ compensation, crop insurance, business auto, and customized policy options are a few of the top cannabis insurance policies that we write. We write marijuana insurance in multiple states. Read more here: https://mosaicia.com/cannabis-insurance/cannabis-insurance-faqs/

Some examples Mosaic has seen include dog bites, pet damage, cemetery mischief (i.e., if a gravestone becomes damaged or vandalized), dorm room décor becomes stolen or damaged, stolen ATM credit or debit cards, space debris damage (if anything were to fall from the sky), and damage caused by use of a drone for personal use (not business use). It is important to be aware that if you file a claim for one of your animals hurting someone, all pets in that house are affected on the insurance policy (not just the animal that did the damage). If you are wondering about a specific recent loss you have had, give Mosaic a call and we can see if your insurance policy will cover said loss. We can also talk to you about possible future claims that you are worried about and look into what carriers have to offer to help protect you.

Ordinance or law coverage is a common endorsement on a homeowners policy that would cover the extra cost of items that are damaged that may need to be upgraded when you go to fix damages (i.e., electrical, heating, ventilating, air-conditioning, and plumbing based on city codes). After a covered loss you maybe required to make significant improvements to you home to meet any new standards added since your home was originally built. That is why Mosaic always recommends ordinance or law coverage if you live in an older home. This endorsement usually covers 10% of the extra cost. Some carriers offer more coverage for more premium.

An endorsement, also known as a “rider,” is an addition or change made to an original policy. This would add coverage for a loss that would usually be excluded on a homeowners or renters policy, in exchange for extra premium. For example, getting the endorsement “back up of sewer or drain” would cover damage caused by water from a drain that gets backed up due to a covered loss. If you do not have that endorsement, and your policy does not cover said loss without that endorsement, you would not have coverage and you would have to pay those damage expenses out-of-pocket.

An umbrella policy adds extra liability coverage everywhere. Umbrella insurance both broadens and deepens coverage. Deepening, meaning that the umbrella will pay over and above the limits of liability of an underlying policy. The broadening aspect refers to the common umbrella attribute of providing better coverage than an underlying policy. Mosaic highly recommends an umbrella policy since it would cover you incase you cause an injury or damage to someone, and the amount exceeds your underlying liability limits. For example, if you were to leave a bad or negative review online and were subsequently sued, the umbrella would be able to help.

Loss assessments coverage is an optional endorsement that can be added to a homeowners insurance policy or condo insurance policy. Loss assessments insurance helps cover damage to a common area or injury that occurs in shared areas when the master policy coverage limits are not enough pay for a covered loss. Any additional coverage amount that is needed can be split up and assessed to the condo/homeowners. Loss assessments may also be passed onto the building owners for the deductible on the master policy, or to pay for smaller losses that fall below the master policy deductible. Loss assessments coverage does not cover any renovations or maintenance of the building and common areas. Having loss assessments coverage helps to cover high out-of-pocket expenses or adverse action imposed by the condo owners association (COA) for failure to pay the assessments. This coverage can help protect you if you live in a shared community or are part of a homeowners association (HOA).

If you unable to locate the owner of the vehicle (check nearby businesses and residences) , we recommend that you… 1. Leave a note with your name, address, contact number, and explanation of accident. 2. Take photos. 3. Look for witnesses. If there are any, get their name and contact information.

False. All tickets and accidents can affect your rates and underwriting for up to 5 years. Each carrier rates these differently. For more information on your carrier’s protocols and your specific circumstance, give Mosaic a call. We are more than happy to review your policies.

Wind is typically a covered peril on your homeowners policy. Examples of wind damages could be: shingles being torn from the roof, a tree falling on your home, an object getting blown by wind into your home (patio furniture, trampolines, etc.).

Hazard insurance is coverage that protects a property owner against damage caused by fires, severe storms, hail/sleet, or other natural events. Your homeowners insurance covers these items, plus it gives you coverage for your personal property, medical payments for accidents that arise at your home, and liability insurance to name a few. Homeowners insurance also covers you on and off your property. For example, if you are visiting a vacation resort and you accidently run into someone while you are skiing, your home insurance coverage might help cover medical bills for the person you injured.

An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage lender to pay certain property-related expenses. It’s like a mini savings account attached to your mortgage. During your first year of escrow, taxes and insurance are paid at closing so that you have enough to pay taxes and insurance for the next year. After the first year, each month when you pay your mortgage, there is an allotted amount that will be taken from the mortgage payment and put into your escrow account to pay for your insurance and taxes each year. Many lenders require that you pay your taxes and insurance using escrow, so they can make sure that the bill gets paid.

Mosaic can with a signed cancellation form that we will send to your carrier once your new policy is put in place. If you are worried about an auto draft being pulled from your bank account before the cancellation, you will need to call your carrier and let them know to take you off EFT (electric funds transfer). At that time, you can also ask them to cancel your policy effective for the date your new policy goes into effect so there is no lapse.

It is best to add the young driver as a non-rated driver so the company is aware someone else will be driving the vehicles even though they have a permit. The premium will not be affected by adding them as permitted drivers. Once the young driver gets their license, we will need to add it as a rated driver, and yes, the premium will increase then.

The multi-car discount changed. The more vehicles you have, the higher the discount is. The discount outweighs the premium the insured was paying for the vehicle.

Laws vary by state. Washington state does not require you to have PIP coverage and you can opt to not have it by signing a rejection form. However, if you or anyone in your vehicle is injured due to an accident, whether your fault or not, PIP coverage would pay for your medical as well as the medical for your passengers. Since WA is a no-fault state, most medical facilities/doctors would FIRST require your PIP coverage to pay for your medical expenses due to an accident. PIP can also help cover your accident expenses if you are in someone else’s car at the time of an accident. Additionally, we like our clients to know that PIP does not have a deductible. For more information, you can contact your medical insurance provider and ask about how having or not having PIP can affect you.

No, you are not required to keep full coverage on your vehicle, which is the comprehensive and collision portion. However, if your vehicle is stolen, or damaged due to things like hail or wind, you would have no coverage for your vehicle since that would fall under comprehensive coverage. Also, if you rear-end someone, or hit a mailbox or a tree, for example, you would have no coverage to fix your vehicle, as that would fall under collision coverage.

90% of tax returns are completed by the IRS in under 21 days, however, it is possible that your tax return takes longer. Use the Where’s My Refund? tool on the IRS website to get an update on your refund status: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

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