November 18, 2019
We cover perils such as theft and fire for example. It can replace your values on seed to curing and finished flower as well as your grow equipment and is packaged with general liability which is a plus.
Crop Insurance has been a changing game and topic ever since Cannabis based industries have emerged.
It has been a slow start as companies are just now seeing the possibility of obtaining crop insurance for recreational and medical marijuana grows.
There are still few options in the market but having a broker on your side can help with the shopping in the market to keep your rates competitive and as low as possible. Industrial hemp has had a much more difficult approach when it comes to crop insurance as there are exclusions for hail, wind, storms, etc. The curveball resides with the question on protective safeguards.
Does the company have protective measures against probable occurrence or loss such as; hard structured greenhouse, warehouse, or covered and protected grows. Crop insurance is rated off a TIV basis meaning to insurance value. This means the more coverage limits on the crop, marijuana flower, seeds, grow equipment, lab testing or extraction equipment, the higher the premium will be. Seen in the eyes of the insurance realm as (business property); so essentially the crop insurance for cultivations and hemp fall within the same package as your business property insurance.
Whether your a tenant or own the commercial property crop insurance is key to mitigating loss and investments in your marijuana related business.
This covers perils such as theft and fire for example. It can replace your values on seed to curing and finished flower as well as your grow equipment and is packaged with general liability which is a plus. If you own a licensed marijuana grow whether medical or recreational or in hemp you will want to see into having crop insurance.
If you’re an industrial hemp farmer there are programs that are not federally backed available. However, there is no payout guarantee or oversight for those policy’s as the money is not currently backed by the Federal Banks. The Insurance industry is working hard to gather data to set rate and track loss that can be utilized on Federal levels.
Cannabis crop insurance is currently available to the cannabis industry for everything except outdoor unprotected hemp flower. Crop insurance is also available to hemp farmers if hemp is in covered structure or building with appropriate roofing. We all sit patiently as we approach another year wondering if we will finally get outdoor hemp crop insurance.
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Pushing the industry further one step and state at a time. Proudly serving all 50 states. – Cannabis Insurance Business of Loveland Colorado
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