Could the underwriter be in California? He would have to be high to offer this coverage. I think people in California can get this stuff if they have a hangnail.
Note the huge exclusion if the place is raided by “federal authorities” like the DEA. Seems fairly worthless for any CA dispensary – if it’s getting raided in CA it’s by the feds.. unless something else is going on like selling cocaine which would then also exclude coverage for not complying with state and local laws.
they call it the “Buzz Kill Enhancement.” It provides for loss of business income after all the paranoid stoners freak out and stay away from your dispensary for a week after the raid, and provides enough extra to buy 45 pizzas to lure your customers back.
@TheClaims Advocate – Ummmm when did it become okay to insure illegal acts? Just wondering? Marijuana is only legal on a state level, so if they were insuring federal raids it would provide coverage for an intentional illegal act.
Where do you adjust claims at? I might have a few murderers and cocaine manufacturers that need good insurance coverage that I could send your way.
I just spoke to the agency that is offering this coverage and it actually sounds pretty good. Just saying you might want to learn a bit more about the subject before you comment
P.S. The federal governement is not the entity performing raids. I have at least ten dispensaries in CA that have been raided by the State for one reason or another. All operating legally within city, state and county guidelines
Brought to you by Cheech and Chong LLC (let’s light canabis) agency. Only in America can “smoking” (hemp) be a good thing while the same jurors render verdicts against tobacco companies. One has to be stoned to miss the irony.
Sorry Bob. You are right! Dave’s not here is correct. I’ve not listened to my Cheech and Chong LPs in a long time. Perhaps it’s time to give them a spin again. And yes, I still have my turn-table and all my records, too. And pot should be legalized! The high doesn’t last as long as alcohol. And most pot-heads don’t smoke and drive anyway. What IS the big deal?
Ill take that bet for $40K in premium!! The raids are over… that was bush’s thing. But if they start raiding again…. 1000% loss ratio! Good luck underwriting that one!
DEA is on hold for now. This does not stop local or state law enforcement from conducting raids, especially if some local pols are seeking good “get tough on crime” headlines. Raid coverage will help those unfairly harmed get their shops open quickly again.
Finally some sanity in our world!
Smokin’ Dude!
You would have to be high not to buy this coverage.
Wow what a unique coverage. I have some clients that would definitely buy this. I wonder how it is priced…..
It is priced very high.
Could the underwriter be in California? He would have to be high to offer this coverage. I think people in California can get this stuff if they have a hangnail.
Now the medicinal marijuana clubs don’t have to worry about going up in smoke!
Note the huge exclusion if the place is raided by “federal authorities” like the DEA. Seems fairly worthless for any CA dispensary – if it’s getting raided in CA it’s by the feds.. unless something else is going on like selling cocaine which would then also exclude coverage for not complying with state and local laws.
DAVE’S NOT HOME!
You know, all the gen y’s, x’s & millenuims are not going to know what you are talking about.
Hey, I’m a Millennial and I totally got it! Wait… what does that say about me? :-)
they call it the “Buzz Kill Enhancement.” It provides for loss of business income after all the paranoid stoners freak out and stay away from your dispensary for a week after the raid, and provides enough extra to buy 45 pizzas to lure your customers back.
Probably offered by a well-known insurance company who’s former CEO is a known progressive and outspoken pot enthusiast.
Weird Jimmy could use some of this to cover “Happy Herb’s Nice Dreams” ice cream coach.
@TheClaims Advocate – Ummmm when did it become okay to insure illegal acts? Just wondering? Marijuana is only legal on a state level, so if they were insuring federal raids it would provide coverage for an intentional illegal act.
Where do you adjust claims at? I might have a few murderers and cocaine manufacturers that need good insurance coverage that I could send your way.
I just spoke to the agency that is offering this coverage and it actually sounds pretty good. Just saying you might want to learn a bit more about the subject before you comment
P.S. The federal governement is not the entity performing raids. I have at least ten dispensaries in CA that have been raided by the State for one reason or another. All operating legally within city, state and county guidelines
Does anyone have a copy of one of these contracts? I would love to see the language in the endorsements.
Yes, I’m wondering what, exactly, the definition of a “raid” is?
Brought to you by Cheech and Chong LLC (let’s light canabis) agency. Only in America can “smoking” (hemp) be a good thing while the same jurors render verdicts against tobacco companies. One has to be stoned to miss the irony.
Tom, cannabis doesn’t kill 430,000 people a year. Tobacco does.
And Dave’s not home.
Actually, it’s “Dave’s not here” not “Dave’s not home”.
Sorry Bob. You are right! Dave’s not here is correct. I’ve not listened to my Cheech and Chong LPs in a long time. Perhaps it’s time to give them a spin again. And yes, I still have my turn-table and all my records, too. And pot should be legalized! The high doesn’t last as long as alcohol. And most pot-heads don’t smoke and drive anyway. What IS the big deal?
Wow, that is quite and endorsement! I wonder how much they will charge..
…about $375/ounce :)
Ill take that bet for $40K in premium!! The raids are over… that was bush’s thing. But if they start raiding again…. 1000% loss ratio! Good luck underwriting that one!
DEA is on hold for now. This does not stop local or state law enforcement from conducting raids, especially if some local pols are seeking good “get tough on crime” headlines. Raid coverage will help those unfairly harmed get their shops open quickly again.
I’m getting hungry thinking about the coverage.
Who ever thought there’d be insurance for getting yer mellow harshed?!