The Perils of Transporting Cash in the Marijuana Industry can be Insured with Limitations
Subject to the terms and conditions of the policy, one of our insurance carriers has broadened their insurance program by offering up to $10,000 for money and securities with other coverages such as employee dishonesty, property in transit, spoilage, etc….
Cannabis operations who are transporting up to $10,000 of cash would have coverage for “theft,” “disappearance,” or “destruction.” Please note the parenthesis associated with each word has a specific definition in the policy being offered.
Example of Insurance Policy Language for Cannabis Cash Protection
The policy indicates the following:
We will pay for loss of “money” and “securities” used in your business while at a bank or savings institution, at the described premises or in transit between any of these places, resulting directly from (1)”theft”; (2) “disappearance”; or (3) “destruction”