Cannabis Insurance
from Southern Colorado Insurance Center
APPROVED Classifications
- Indoor Cultivators
- Outdoor Cultivators
- Greenhouse Cultivators
- Dispensary/Retail Operations
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
- 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
- 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
Crop – Cannabis
- NO Outdoor Living Plants
- Harvest
- Finished Stock
Dispensary/Retail Operations
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
Indoor Cultivators
Outdoor Cultivators
Greenhouse Cultivators
Dispensary Operations
Financing Options
Outside financing - you may use you own financing option – 25% minimum down plus taxes and fees
Paid In Full
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 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.
Target Cannabis Classifications
- Cultivators
- Processors
- Manufacturers
- Wholesale/ Distributors
- Retailers
- Laboratories
- Tobacco Shops
- Garden Stores
- Landlord/LRO
- Property managers
Primary 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.
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