The strangest initial claims all come from the lengths employees go too for free weed. Hiding it in gloves, giving friends 100% discounts at the register, most end up not filing a claim, but firing an employee.
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You’d think they’d just be happy with an employee discount. I can’t believe someone would put their job in jeopardy just for a bit of free cannabis.
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Great question, we have many, actually most of our clients do not own the building they are doing business out of, whether its a dispensary, MIP/Extraction or cultivation. If your landlords building is covered by a “traditional insurance” policy i.e.: Travelers, Hartford, Nationwide, State Farm…and leased to a cannabis operation of any kind, the landlords claim will be denied. So what does that mean? The building burns down, his insurance will not pay to have it replaced. We would have you covered for your loss, but you would have to move your operation to a new location.
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Yep, most of the bigger loses come from theft of Harvest Crop, we’ve only see one where people took the growing plant.
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So far our largest claim payout was $106,000, which put us on the map with the growing industry…we did have to fight for our client to get it. It’s important that your agent really understands cannabis and insurance…send them our way if they have any questions and we can train them to protect the industry, not just sell insurance.
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Wow that is a large claim. What sort of coverage was it - did they lose a whole crop?
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It was Harvest Crop from a break in…
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Did they end up catching the thieves?
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during the curing or drying phase.
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Thanks Mark & Gerry for taking the time to answer our questions today!
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Our please, we are always available for our friends in the Growers Network!
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