Insurance, a necessary evil or an essential part of daily life? This is surely the kind of question that goes through the mind of any business owner - especially one who is involved in a business as inherently risky as cannabis cultivation. No matter your thoughts on the matter, insurance is something that is essential in today’s world.
What Is Marijuana Growers Insurance? This is insurance that is specifically designed to cover your needs as a medical and or recreational marijuana supplier. Designed to cover this specific niche market, these products are aimed directly at your type of business.
Who Can I Get Insured With? While there might be other insurers out there, Corinthian Capital is able to provide medical marijuana growers with multiple coverage options. All tailored through experience, to provide you with exactly what you need. We are able to provide your cultivation facility with coverage for your plants in multiple stages of growth, from seed to sale. These three stages are:
Living Plant Material: Seeds, marijuana plants in the stage of vegetative growth, immature marijuana seedlings, and flowering mature plants in the growing medium.
Harvested Plant Material: Mature marijuana plant material that is not situated inside the growing medium, but is in the drying and curing process.
Finished Stock: Mature marijuana plant material no longer in the growing medium, which has been completely processed and is ready for sale.
What Will I Be Covered Against? Coverage is available against the following potential dangers:
Lightning
Theft
Fire
Explosion
Hail or windstorms
Vandalism
Smoke
Leakage from automatic automated fire safety systems
Water damage from air conditioning and heating devices as well as plumbing accidental discharges
There are a number of other coverage options as well and it’s always best to ask and tailor the solution to your specific business needs.
What Additional Types Of Insurance Are Available?
Product Liability Insurance: This provides coverage for those clients who have experienced unintended side effects and wish to take this up with the company. This insurance covers such things as: edible marijuana products, the dispensing of marijuana and smoking apparatus
Business Income Insurance: This would cover the net income as well as normal operating expenses in the event of a fire and the business having to relocate to other premises.
What Are The Requirements For Medical and Recreational Marijuana Plant Insurance? There are several underwriting guidelines that you must pass before a policy will be issued. Here are the three basic components:
First Component – Your facility must be inspected by a licensed electrical contractor who will confirm the electrical architecture is adequate for your operations; including the power supply and number of circuits. The contractor must prepare a letter of approval that is required at the time of binding/ordering the insurance policy. This is non-negotiable and the electrical system needs to be maintained in order to ensure insurance compliance.
Second Component – You must have a security system installed and operating including a burglar alarm that reports to an outside monitoring station. As with the above, this system needs to be maintained and in proper working order at all times to ensure insurance compliance.
Third Component – If you are requesting coverage for finished stock you must have a TL-15 or ½ ton safe bolted to the floor(if less than 900 lbs.) and motion detectors must be installed in the safe room location. Please make note that if you are not requesting coverage for finished stock there is no safe requirement.
Medical and recreational growers insurance is not something you will be able to find just anywhere. Medical and recreational marijuana plant insurance coverage is a specialized form of insurance and you need to make sure that the policies offered adequately cover your needs. In addition, you need to get the price in writing to ensure that you are fully aware of all the ins and outs of medical marijuana crop insurance. Due to the nature of this business, security requirements are critically important and need to be maintained at all times. All of this can be handled for you by Corinthian Capital so that you don't have to worry about the legal implications of your insurance.
How Do I Get Insured? To obtain a quote for coverage please call us directly at 877-315-3443 you may also email us at corcap@live.com. As with any insurance policy, there are exclusions so feel free to contact us to discuss these. Why wait, get your medical marijuana growers insurance today and remove all unnecessary hassle and worry from your life regarding your business.
