Information For Landlords, Commercial Real Estate Owners and Property Managers
The key areas to review in a commercial real estate policy or application are:
- Exclusions--What is not covered. For example: Governmental Action, Criminal Acts, Environmental Hazards
- Definitions--Important to understand the definitions provided by the insurance company.
- Classification of Risk: Important that your agent has classified your business appropriately, and the insurance company is aware of the type of risk involved.
- Causes of Loss Form: Policies will specify the types of losses covered. They usually are specified by basic, broad and special--the latter being the most comprehensive.
- Insurance inspection: Will an inspection be conducted by the insurance company to verify the type of risk involved with the property and their tenants? When the insurance company inspects the property they have made themselves aware of the location, condition and tenants.
The following are actual copies of a policy issued by Insurance Services Office (ISO) to help you become familiar with a policy contract:
Special Cause of Loss Form: This section of the insurance contract specifies the types of losses covered and not covered.
Building Property Coverage: This is a sample insurance contract for coverage of your building.
Definitions: Important to understand the definition within the contract defined by the insurance company. When you see a word in quotes--you should refer to the definitions page.
It is imperative that you work with an Insurance Agent that is educated in this industry.
Greenpoint Insurance Group is able to provide insurance for your building and your tenant. If you would like a second opinion on your current insurance, please click here
We insure the following types of buildings:
- Strip Malls or Centers
- Office Buildings
- Warehouses or Industrial Use
- Mixed Use
- Office Condos
Articles for Landlords, Commercial Real Estate Owners, and Property Managers
Americans For Safe Access: Frequently Asked Questions for Property Owners: Asset Forfeiture and Medical Marijuana. This provides excellent information for the building owner who is concerned with civil and criminal issues when you lease to a Medical Marijuana Dispensary.
Coastal Post Online January 2009: Many Bay area medical cannabis dispensary operators, including Marin's own lyrical Lynette Shaw, rallied in Downtown San Francisco on December 20th in protest of the Drug Enforcement Administration's recent execution of another attack on medical cannabis dispensaries.
In an effort to overcome the obstacles raised in the raid tactics the DEA employed in earlier attempts to circumvent a compassionate community of medical cannabis connoisseurs, the feds have resorted to sending letters to landlords who rent commercial space to medical cannabis providers, first in Southern California back in July and more recently here in the Bay area. Landlords who own space occupied by medical cannabis dispensaries in Marin, San Francisco, and Alameda counties received letters the second week in December.
So far, only one landlord has been tried and convicted In May of 2007, 62 year-old Thomas Grossi Sr. was ordered to forfeit nearly $400,000 and sentenced to 30 months in federal prison. When released from prison, Grossi will be required to complete a three-year period of supervised release. Such harsh punishment (in contrast there was a case in this country in which a pedophile was given probation because the judge deemed him too short to go to prison) can only be construed as a deterrent to any property owner who might think to advance the safe legal (under state law) distribution of medical cannabis. Surely productive law-abiding citizens will not risk their liberty or even their personal assets when threatened with such great risk of loss and trauma. READ MORE
Sensible Colorado Working For An Effective Drug Policy: ASSET FORFEITURE
As a general matter, if you are a properly licensed medical marijuana patient or caregiver under Colorado law, your property should not be subject to seizure and forfeiture by state or local police. In addition, your landlord’s property should also not be subject to seizure or forfeiture by state or local police because the landlord is not sanctioning or assisting an illegal activity under state law. However, as noted above, it is possible that you or your landlord could remain subject to asset forfeiture from the federal government because any use of marijuana remains illegal under federal law. Before deciding to start a medical marijuana garden in a home you own or rent, you should consult an attorney to determine the potential risk of such activity. READ MORE
For a general explanation of asset forfeiture laws under federal and state law, see the Drug Policy Foundation’s report at http://www.drugpolicy.org/docUploads/Asset_Forfeiture_Briefing.pdf
AssetForfeitureWatch.com: Fed may lift forfeiture threat from Medical Marijuana clinics: The letters sent to landlords renting to medical marijuana facilities in recent years were quite specific.
They warned that federal law prohibited renting to or housing dispensaries involved in manufacturing, storing, distributing or using a controlled substance — and added that violating those laws could result in criminal prosecution, imprisonment and fines as well as seizure and forfeiture of real estate and other assets. "Federal law takes precedence over State law," reads one letter sent by a U.S. Drug Enforcement Administration official to a dispensary's landlord. READ MORE
The Orange County Register: Judge rules in favor of dispensary in eviction case-- LAKE FOREST – Officials representing a medical marijuana collective say they have scored a victory in their battle with the city to stay in business.
David Welch, an attorney with Earth Cann Wellness Center, said that Superior Court Judge Corey S. Cramin found that Earth Cann was not in violation of the city's zoning laws and ordered an effort by Earth Cann's landlord Olen Properties to evict the dispensary to be stopped. READ MORE
Your building is an important asset! You should consider working with a Insurance Agency that has the knowledge and expertise.
DISCLAIMER: This information is intended for educational purposes only. No reliance, expressed or implied, may be made on the information on this page or on any of its links.
Greenpoint Insurance Group
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Parker, Co, 80134
303-841-8999
email: greenpointinsurance@yahoo.com.
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Marijuana Dispensary Tenant
Serving Colorado and California
As a Building Owner, Landlord or Property Manager you might be concerned about leasing space to a Medical Marijuana Dispensary (MMD) or Marijuana (MMJ) Business as it affects your current insurance or asset forfeiture. If you need more information on asset forfeiture, please read below.
Greenpoint Insurance can insure your building with a Medical Marijuana Dispensary as a tenant!
Some major insurance carriers are not providing insurance for building owners who have MMD businesses as tenants. It is important for you to review your policy to determine if your existing coverage would cover a loss from a Medical Marijuana Dispensary. Many insurance companies use their own policy language for the type of risk they are covering. Other companies use standard forms that are produced by Insurance Services Office (ISO).
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