Latest Update: Existing Insurance Carrier Expanding their Product Lines
A recent product flyer from one of our established insurance carriers expanding their product offering to the cannabis industry despite the fact other insurance carriers are leaving.
Coverage highlights include:
- Living Plant or Crop Insurance: Insurance protection for your living plants from theft or fire.
- High Limits for Cannabis Stock: Need to protect your final product with high limits.
- Equipment Breakdown: The protection of valuable equipment due to a covered loss
- Excess Liability up to $10,000,000: Important for cannabis companies with multiple locations and numerous landlords requiring certificates of insurance.
- Trade Show and Events Coverage: Removes the premise only liability endorsement and provides coverage when you’re at the trade show.
- Product Liability: Adds coverage for your product being sold into the stream of commerce
- Professional Liability: Concern with providing advice to others that may be erroneous or negligent.
- Hired and Non-Owned Auto Liability: Insurance protection from when your employees are driving their own vehicles for company business. Example would be those employees visiting customer who end up in a accident. How is your business protected from the lawsuit by the third party?
Insurance Carrier Product Update Sheet
Great Opportunity to Secure Crop Insurance for your Cannabis Company
One of our existing cannabis insurance carriers has expanded their product line and started offering coverage protection for your living plants also known as crop insurance. The coverage is being made available to Indoor grow only (warehouses, fully enclosed poly carbonate, or similar greenhouses). Further good news is this insurance carrier has been stable and involved in the cannabis industry for several years.
The Cannabis Plant
The definition of living plants means the following:
“Living Plant Material” means marijuana seeds, immature marijuana seedlings, marijuana plants in the vegetative growth stage and mature flowering marijuana plants rooted in growing medium.
Examples of the types of losses covered include Fire, Lightning, Explosion, Windstorm/Hail, and Vandalism. Theft is also included, subject to all warranties attached to this policy.
Currently, there are very few cannabis insurance companies offering crop insurance. As such, Greenpoint Insurance Advisors, LLC is pleased to be able to offer this program. If you’re are interested in a quote, please contact our agency below to discuss your particular circumstance: