Bringing along potential dangers and the potential for liability suits, vape manufacturers, and retailers can be a headache for insurers to manage.
Recent years have seen explosive growth in the popularity of e-cigarettes, rechargeable cigarettes, and vaporizers, known colloquially as “vapes.” Once relegated to niche subcultures, the popularity of vaping has taken off. A 2018 Gallup poll concluded that roughly 9% of U.S. adults said they “regularly or occasionally” used vapes. Even more pronounced is vape usage among high school students, with some 27.5% admitting to using the products in 2019. Learn more about the growth of vape here.
Increased popularity and demand for vape products have vastly increased their availability. Vapes can now be found nearly everywhere that cigarettes and other tobacco products are sold: convenience stores, general stores, and gas stations.
The BuildingMetrix Vape Check gives insurers the ability to run their book of business against known vape establishments, empowering them to make informed underwriting decisions.
As a relatively young phenomenon, the dangers of vape have not been fully understood. However, cases of deadly health impacts and
harmful device defects have been well documented, outcomes which can ultimately lead to costly liability suits.
Join BuildingMetrix's very own Bryan Stanwood and Joe Nolan as they discuss the
importance of vape risk, why it matters, and how we can help you address this risk.
Alongside less-than-credible claims of being a healthy alternative to cigarette smoking, vape brings with it the potential for short-term and long-tail liability risk. And because of the still unsettled science behind the health effects of vaping, the future remains uncertain.
For insurers that wish to err on the side of caution, ensuring that vape stays out of their books of business can mitigate potential ramifications down the road.
BuildingMetrix Vape Check puts insurers in the driver's seat, enabling them to view all of their vape risk geospatially and chart the best course of action for their business.