"What if I own property occupied by a tenant that is operating a marijuana-related business?"
The first priority to most landlords is property insurance - to safeguard their real property investment should disaster strike. However, landlords with tenants in the cannabis industry may be facing significant risks that they do not even know exist, such as liability claims that may be brought against you as lessor/property owner, as well as standard or prohibitive policy language.
Standard insurance policies contain strict policy exclusions pertaining to marijuana-related businesses. Therefore, if you have purchased or are looking at a standard lessor's risk policy with this exclusion, while renting (or intending to rent) space to a tenant in the cannabis industry, that insurance carrier can both reject your claim and cancel your policy, ultimately leaving you high and dry when you are in need of your insurance coverage most.
iCann Insure offers policies specifically written for marijuana landlords, so that you can properly protect your interests.
gENERAL lIABILITY iNSURANCE
General Liability insurance is a broad form of insurance coverage, applicable to most businesses, that protects against both bodily injury and property damage liability claims arising out of premises, operations, products and completed operations, and advertising and personal injury. Even if a claim is put to rest, the legal defense costs involved to do so can be devastating. Therefore, it is important to maintain proper General Liability coverage that includes defense, should the need arise. It is not uncommon for this coverage to be required by landlords, as well as the State or municipality.
Property insurance protects an insured for loss of covered property or loss of income resulting from damage to covered property. This includes both Real Property (buildings), Business Personal Property (contents such as fans, lights, irrigation, and air filtration systems), as well as inventory or other business necessities. Examples include: fire, theft, vandalism, wind/hail, smoke, water/sewer back-up, along with many others.
Commercial Property Limits up to $10,000,000
bUSINESS iNCOME & eXTRA eXPENSE
Equipment Breakdown insurance covers a loss due to mechanical or electrical breakdown of nearly any type of equipment. Coverage applies to the cost incurred to repair or replace the damaged equipment or property caused by the equipment breakdown.
This line of coverage also includes Business Income & Extra Expense insurance, which covers the loss of net income suffered by a business when damages, due to a covered event, have been sustained. This coverage helps replace lost income and make the business whole again.
Insurance is available in all states where medical and/or recreational marijuana is legal: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New York, New Mexico, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, and West Virginia.