Frequently Asked Questions
Do you have a burning question about getting insurance with Hopewell?
We can help with that. Explore what we’re asked on a fairly regular basis.
If you don’t see your question answered, feel free to drop us a line.
Business Insurance Lines
Please head to our File a Claim page to look up your carrier and carrier instructions. If you have a problem with their process, don’t hesitate to contact us and we can help with the process.
Yes! We love providing coverage that encompasses every facet of your life. In our experience, it makes things cheaper and easier for you, too.
The time it takes to craft your quote can vary depending on the line. Typically, it takes a few business days to receive your quote. However, volume of requests can affect this.
Cannabis-Specific Coverage and Policies
Please head to our File a Claim page to look up your carrier and carrier instructions. If you have a problem with their process, don’t hesitate to contact us and we can help with the process.
We would be happy to work with your cannabis organization. We are working to get licensure in every state with a legal cannabis program, so please contact us and we can see what we can do for you.
Currently, no regulations require cannabis-related businesses (CRBs) to have insurance or be bonded in Oklahoma. CRBs will soon need to be bonded, but that is not yet on the books. However, property owners typically require businesses of any type to be bonded. It's important to read a lease carefully to ensure compliance with the property owner's needs.
There is no indication that the legislature will make insurance required for CRBs any time soon. Despite the legislative decision to not make insurance required for CRBs, business cannabis insurance is a great way to make sure you can protect your investment long-term.
Out of the 37 states and territories that allow cannabis usage in a medical, recreational, or low-THC capacity, most do not require insurance or bonding in any capacity.
The exceptions to this are:*
California - Bonding for licensees, general liability insurance required for CRBs
Connecticut - Bonding for production only
Florida - Bonding for dispensaries only
Illinois - Bonding for dispensaries and cultivators only
Massachusetts - Bonding for all CRBs, general and product liability insurance for CRBs
Washington - General liability for all CRBs
Despite insurance not being required by statute in many states, insurance is still a great way to protect these assets and cash-only CRBs.
You can find more information about cannabis laws across the United States on the National Council for State Legislatures.
*Please note, state laws are frequently subject to change. For specific questions about your state’s policies, visit your insurance commission and cannabis regulator’s website.
The time it takes to craft your quote can vary, even more than other commercial lines. Often, insurers will need supplementary information that they will not provide to us until later in the process. This can mean delays in getting your quote.
While each CRB is unique, we generally recommend businesses get product liability and commercial property insurance. While product liability does not cover a cannabis crop, it will cover all manufactured and processed products and any goods sold.
Crop insurance is an option for cannabis grow operations, however, it is more expensive than other lines.
As of August 1, the Oklahoma Medical Marijuana Authority (OMMA) stopped processing new CRB applications. This moratorium only affects new grower, dispensary, and processor licenses until 2024.
Considering that insurance and bonding are not required for CRBs in Oklahoma and that the carriers of CRB policies are out-of-state insurers, this will not prohibit CRBs of any kind from receiving coverage.
As the OMMA Executive Director said in the state's press release: "All of our current grower, dispensary and processor licensees who stay in compliance with our rules should know HB 3208 doesn't change anything for them.”
Personal Insurance Lines
Please head to our File a Claim page to look up your carrier and carrier instructions. If you have a problem with their process, don’t hesitate to contact us and we can help with the process.
The time it takes to craft your quote can vary depending on the line. Typically, it takes a 1-2 business days to get your quote for personal lines of insurance.
Typically, we require all personal insurance lines to be bundled with another personal policy or a business policy. To get a personal insurance line, you’ll need at least one other policy with Hopewell.
A typical homeowners' insurance policy covers the home itself; however, other property considerations are different. If you're concerned about natural disasters, we can assist you by adding an insurance rider to your policy.
An insurance rider covers acts of God such as tornadoes, earthquakes, floods, fires, and hurricanes.
As a rule of thumb, we generally don’t encourage those devices (known officially as “telematics”). Most of the time, they require a 90-day calibration window where your driving quality is observed. After that 90 days, you might not receive a significant discount for your safe driving — if you receive one at all.
General
Independent insurance agents in Oklahoma and across the country are motivated to actually save you money. Since independent agents have no required carrier relationships, you’ll get to see rates across carriers, allowing you to pick and choose what gives you the best coverage for the price.
Hope More, Not Less
We’ve done our job right if you’re happier and have saved money.
If you want to know how we can improve both, request your quote today.