At the moment, cannabis crop coverage is most widely available for cannabis crops grown indoor and in approved greenhouse facilities. Outdoor crop coverage has been mostly unavailable and is still very limited, although over the past 6-10 months, there has been an emergence of new markets willing to insure full outdoor crop and hoop houses. We’re expecting to see more and more insurance companies start to provide some type of outdoor crop insurance as the industry grows and evolves.
The good news is there is still a great deal that can be insured during harvest time! Here is more information on what CAN be covered on your indoor and approved greenhouse facility when we refer to crop coverage. Crop coverage refers to protection from damage or loss of growing cannabis crop, harvested plants and finished stock. Crop insurance may provide coverage for the following:
The coverage can cover loss due to the following circumstances:
Coverage for your crops is calculated depending on information provided by you. We take into account your estimated number of harvests per year, how many ounces you produce per plant and the average wholesale value of the plant, as well as the number of plants in the different growing stages. Premiums are calculated based on the wholesale value of your crop in each stage of the cultivation cycle, at any given time.
It is important to note that the crop coverage is dependent on several safeguards that must be in place. Here at Cover Cannabis, we have a team of experts that can provide more information depending on your specific crop, and ensure you are fully covered. We’ll walk you through the entire process. Call us today and let’s explore your options.
Once we’ve determined the specific insurance option needs for your business, we’ll set you up with a FREE quote!