Cannabis Insurance

Successful dispensaries establish their operations in a way that will withstand the constantly changing laws, regulations, and ups and downs of business. Ensure your dispensary & cannabis business is protected with insurance!

Coverages

Indoor Cultivation Operations

General Liability with or without products completed operations

• Liability Limits up to $25 Million

Property – must be stored indoors

• Business Personal Property
• Business Income
• Tenant Improvements
• Building

Crop – Cannabis crop insurance covers:

• Living Plants
• Harvested
• Finished Stock

Greenhouse Cultivation Operations

General Liability with or without products completed operations

• Liability Limits up to $25 Million

Property – must be stored indoors

• Business Personal Property
• Business Income
• Tenant Improvements
• Building

Crop – Cannabis crop insurance covers:

• Living Plants
• Harvested
• Finished Stock

Outdoor Cultivation Operations

General Liability with or without products completed operations

• Liability Limits up to $25 Million

Property – must be stored indoors

• Business Personal Property
• Business Income
• Tenant Improvements
• Building

• NO Outdoor Living Plants
• Harvest
• Finished Stock

Cannabis Dispensary/Retail Operations Insurance:

General Liability with or without products completed operations

• Liability Limits up to $25 Million

Property – must be stored indoors

• Cannabis Inventory
• Business Personal Property
• Business Income
• Tenant Improvements
• Building

Endorsements

• Non-Owned Auto
• Governmental Actions – By State or Local Authorities
• Property Enhancement $15,000 Blanket – Including Money and Securities
• Cargo – Cannabis Inventory
• Additional Insured – Government and Landlord
• Waiver of Subrogation
• Primary Wording
• BOP Property Form – Property of Others, Glass and Backed-up Sewer

Features

• $0 deductible General Liability
• Occurrence or Claims Made Form
• ISO Forms
• A.M. Best A Rated Carrier
• Mono line or Package: Liability, Property & Crop
• Products Completed Operations with No Exclusion to Cannabis or its derivatives
• Up to 35% Program Credits
• Damages to Rented Premises -$100,000- $300,000 - $500,000 - $1,000,000
• Assault and Battery included
• Defense is outside the limits

Fire and Theft

Fire and Theft losses of property may be excluded if:

• The insured does not have an Active Central Station Alarm System. (All doors and windows must be connected to the Central Station Alarm System).
• The Video Surveillance Systems does not record and back up for 14 days prior to the date of loss.
• Seeds, finished cannabis stock/inventory, money and securities are outside the safe during non-business hours.
• More than 25% of the insurable value or $50,000 of seeds or finished stock inventory are outside the safe during business hours.
• The minimum safe requirements have not been met at the time of the loss.
• The building is over 20 years old and no updates have been done in the last 20 years.
• A licensed and insured contractor does not approve the electrical load.

Applications

• Cannabis Application
• Cannabis Supplemental

• Cannabis Application
• Cannabis Supplemental

Financing Options

Outside financing - you may use you own financing option – 25% minimum down plus taxes and fees

Submission Requirements

Please send all submissions to youarefirst [at] scicteam [dot] com

Submission

• Include completed applications and supplemental if needed
• Target binding date
• Target premium
• Loss runs

Special Coverages

Southern Colorado Insurance Center offers additional coverages beyond our standard Cannabis insurance program. If your insured would like a quote on any of the following please feel free to submit your application as instructed below or contact us for questions or additional details.

• Cyber - Request with submission – MMD Insurance will quote using our cannabis application
• Worker’s Compensation – ACORD 125 and 130 with Loss Runs
• Errors and Omissions (E&O) – MMD Insurance will except most E&O applications
• Directors and Officers (D&O) – MMD Insurance will except most D&O applications
• Employers Practice Liability Insurance (EPLI) – MMD Insurance will except most EPLI applications
• Cannabis Manufacturers Liability – MMD Cannabis Manufacturers supplemental and ACORD 125,126,140
• Landlords – MMD insurance will need the ACORD 125,126,140 and property evaluation
• Doctors and Lawyers – MMD Insurance will except other carrier applications
• General Liability - with Professional Liability included ($20,000 minimum premium)

We are pleased to announce that effective February 1st 2015, Next Wave will be launching a new all-lines cannabis and hemp program in all legalized states. The program is backed by our new A+ rated carrier partners. Our enhanced coverages, increased limits and competitive pricing is now available to your agency for any new and any renewal business.

Who can get Cannabis Insurance in Colorado?

1. Cultivators
2. Processors
3. Manufacturers
4. Wholesale/ Distributors
5. Retailers
6. Laboratories
7. Tobacco Shops
8. Garden Stores
9. Landlord/LRO
10. Property managers

Primary Cannabis Insurance Coverages include: General Liability, Property, Crop, Excess Liability, Products, Cyber and Equipment Breakdown for approved cannabis and hemp operations.

Workers Compensation: We are also able to write the Workers Comp with AIG, however, their minimum premium is high for some of the smaller accounts at $7,500.