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What is Builders Risk Insurance?
A special type of insurance for property purchased when a cannabis business is renovating, adding, or constructing a new building for their operations. Most cannabis cultivation and manufacturing facilities will have the need to construct specialized rooms, or add new electrical, plumbing, and hvac. Other circumstances might include a brand new building. In both circumstances, agreements made between the cannabis company and general contractor will include an obligation to buy a builders risk insurance policy.
A common mistake made by the business owner is using a standard building insurance policy to cover the property during construction. This may have serious consequences when certain risk exposures are potentially not covered.