Couple Insurance Questions

[sheapdog420]

1) How many patients who grow, caregivers, collectives, or dispensaries have insurance policies for your operation?

2) Where did you purchase and what company did you purchase this policy from?

3) If you have a policy, would you be willing to share the details of the policy with me?

4) Would anyone here be interested in an insurance policy soley designed for legal medical marijuana operations as defined by the state?

5) What would you like to see covered in the policy? examples: raid insurance, crop insurance, buiding coverage, etc.

I ask because I forsee this market only getting bigger in the future, and in my industry(insurance), I have only seen one company offer insurance specifically for marijuana. Almost every other companies policy is designed to exclude drugs, as defined by the federal government, under its policy. So let me know if this would be a product that any of you would want.

 

[Pimpernickel]

1. I don't.

I have hard time believing anyone would offer and insurance policy for any facet of a grow op other than building coverage at a rate that would make it worthwhile.

 

[Winter Woman]

A friend is an adjuster and he does not smoke, he said when a home that has a grow op burns that the ins company does not have pay off on the loss. It is an illegal operation and that violates the law.

But, he said he has looked the other way when he knows it is just a very small grow. His intention is to not hurt families, but if your whole basement is a grow and he is your adjuster, you're not covered.

 

[Pimpernickel]

It's only not covered when the fire is caused by the grow op right?

 

[sheapdog420]

I know all this. And both of you are absolutely correct, sort of. I'm an agent. I found a company that is trying to corner the marijuana niche market. They operate in all 50 states, though they are only offering this specialty product in medical states. This product offers no protection from the feds, but they do offer protection from local and staties. Also crop, delivery, general liability, chef's liability(not sure if right term, but...), etc...

I understand that it could be expensive, but then again, what business policy isn't? PM me if you want the link.

 

[sheapdog420]

It's only not covered when the fire is caused by the grow op right?

IF they find that the fire started because of the op, or the electrical work done for the op, it won't be covered. You would really have to grill your agent about it, cause there are different exclusions for different companies.

 

[Pimpernickel]

I'll ask for a copy of my policy and see what I can get from it. I'm not really scared about my wiring, it's all correct withing the correct limits be it gauge or breaker. One worry I do have is how long before i overload my main breaker when the rest of my house is running too, but that should just pop right? My Ballasts are mountend on cement block basment walls, reflectors are hung from the ceilind and are cooledl. My only other heat gen area's would be my dehumidifer and my Co2 generator which is hanging 6' from the ceiling and doesn't get to hot to touch. Am I missing something that could cause a catastrophe?

 

[Winter Woman]

It's only not covered when the fire is caused by the grow op right?

I don't know. I'll ask him when I see him soon.

In past conversations he made it sound that just having it in your house was enough to be considered uninsured. I ask him when I see him soon.

 

[thesmith]

One worry I do have is how long before i overload my main breaker when the rest of my house is running too, but that should just pop right?

it depends on the load rating in amps of your main breaker. I would think the branch circuit should trip first. add up the amp draw from the house (its listed on most appliances) and compare it either to each branch or the entire service. if you exceed the amp rating on a branch or main it should trip the breaker. if a breaker is tripping often it is overloaded or going bad and needs repair/upgrade this can be a fire hazard. you can also use a meter to see what the "true" amp draw is. just turn everything on with the meter connected and it will tell you. remember most things draw more upon startup.

 

[Winter Woman]

My friend agrees with what you said, it is all dependent on what your policy says.

IF they find that the fire started because of the op, or the electrical work done for the op, it won't be covered. You would really have to grill your agent about it, cause there are different exclusions for different companies.

 

[sheapdog420]

Which most policies specifically exclude federal illegal activities. Which is why this company I'm researching would be most beneficial. They have a specialty unit soley for medical marijuana businesses, chefs, operations, etc...