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Are insurers prepared to handle the legalization of psilocybin?

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Currently, clever policy language says something close to “loss of personal property due to a covered peril that is considered illegal on a state OR federal level is excluded and not covered”

The key in the sentence is the state OR federal level part. This came about when weed started becoming legal in some states and insurers didn’t want to cover it within the definitions of personal property. So as long as it’s illegal at a federal level, insurers are good.

Whenever something like this happens whether it be weed, shrooms, meth or whatever… insurance companies pay big money for their contract lawyers on staff to come up with something clever to exclude things they don’t want to cover.

Seriously, if you ever sit down and read a policy contract, you’ll eventually start to ask yourself “well what the hell does my policy even cover?!?”
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It’s something that would be handled if/when it happens.  The fact is that right now (1) this is a long ways away and (2) there’s just not much data out there on it’s effects.

I don’t work on the health side, but I wouldn’t think they would handle something like this any differently than we on the life side have COVID: for the time being continue as is and gather as much data as we can on how it changes things, *then* see if we need to make any changes
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What's wrong with psilocybin though?

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