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Limited Cash Coverage Offered by Cannabis Insurance Carrier

Limited Cash Coverage Offered by Cannabis Insurance Carrier

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” 

The current annual price for this coverage is $250 per year.  Please contact a licensed insurance broker in your state to determine if coverage is available and our terms of use for further information.  

   

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DISCLAIMER: Material presented by Owner website is intended for information purposes exclusively. It is not meant for professional insurance or legal advice, to induce or solicit new clients, and shall not be construed as such. Each individual situation is unique and requires a licensed insurance broker or attorney in your state to evaluate and recommend insurance or provide legal advise respectively. Each insurance company, policy, and broker are unique with their terms,conditions, and product offerings placing the responsibility of the user to conduct and rely on their own due diligence.

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