The 2014 Farm Bill created a definition for industrial hemp. This definition established a THC threshold of .3 percent on a dry weight basis. This meant that any cannabis plant with THC of .3 percent or less was considered industrial hemp. Although all cannabis was considered a Schedule I drug under the Controlled Substances Act, the 2014 Farm bill allowed certain "institutions of higher education" and state agriculture departments to grow industrial hemp under a pilot program.
The 2018 Farm Bill actually removed industrial hemp from the list of Schedule I drugs and legalized industrial hemp production. In addition, it lists hemp as a covered commodity under crop insurance and directed the Federal Crop Insurance Corporation to develop procedures so hemp can be insured. The earliest crop insurance for hemp will be available is the 2020 planting season.
It's very important to understand that growing a plant or producing a product that has more than .3 percent THC, or growing hemp without a license, is illegal. Under federal law, any hemp crop with more than .3 percent of THC must be destroyed.
Here are a couple of links that provide more information:
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Grill Fires and Homeowners Insurance
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Did you know that more fires caused by grills, hibachis, and barbecues occur in July than any other month? Yes! About 2,500 house fires involve grills and I'm here to give you some advice about how you (and your clients) can avoid them.
- Don't use propane charcoal grills indoors--only use them outdoors
- The grill, itself, should NOT be placed anywhere near the building, deck railings, or beneath eaves or tree branches that hang overhead
- Removal of built-up grease and fat from the grill and its trays will help reduce the risk of fire
- The lid should be OPEN when you light it
- If using starter fluid, only use charcoal starter fluid; NEVER add anything flammable to the fire once it's burning
Many homeowners associations do not allow condo-unit owners and tenants to keep their grills on their decks, and insist they be placed on concrete pads. Although people complain about the inconvenience, we know why that requirement exists, don't we?
Happy grilling!
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Insurance Myths Your Clients Probably Believe
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According to a recent article in PropertyCasualty360, more than one-third of all consumers believe the following myths:
- Red cars cost more than any other color of car to insure (36%)
- Collision damage is covered by comprehensive coverage on the auto insurance policy (68%)
- Standard homeowners policies insure flood damage (35%)
- Standard homeowners policies insure mold damage (34%)
- Life insurance companies consider pre-existing conditions when determining premiums (46%)
- Drivers of electric scooters are required by law to have liability insurance (36%)
- Women typically pay higher premiums for health insurance than men do (66%)
For more details, check out the article, which contains a link to another article that provides details of the survey that unveiled these statistics.
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The Market for Private Flood Insurance
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More and more private insurers are writing flood insurance that is not backed by the federal government. Yes, this means they're writing coverage themselves, and not through the National Flood Insurance Program (NFIP).
According to a recently published white paper, more than 100 private insurance companies are now writing private flood insurance in the U.S. Some of the national insurers doing so include Liberty Mutual, CNA, and Nationwide. The total direct written premiums of these carriers exceeds $600 million.
Both commercial and personal lines insurers are writing coverage and, surprisingly, nearly one-third of all private flood insurance is written in the southern, coastal states of Florida, Georgia, Louisiana, North Carolina, South Carolina, Texas, and Virginia.
If you download the white paper, it provides details by state and includes the names of the major insurers writing coverage.
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July Webinar Schedule
7/2 Driving into the Future: Uber, Drones, and Driverless Cars
7/5 Ethics in Action
7/9 P&C Risks and Catastrophes
7/9 Financial Exploitation: Protect the Senior Client *
7/10 Personal Auto Coverages and Claims
7/16 Ethics in Action
7/19 Emerging Technologies and Markets in Insurance *
7/22 Superstorms-Superclaims *
7/24 Cyber Security
7/30 Personal Auto Coverages and Claims
8/1 Driving into the Future: Uber, Drones, and Driverless Cars
** brand NEW webinar
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