Since taking the reins of this blog, I've developed a fascination with exotic insurance products that has lured me into some pretty weird territory: divorce insurance, fantasy football insurance, reality TV insurance and weather event insurance. I thought I could kick after a freakish Christmas Day snowfall buried Asheville, N.C., in the last instance, resulting in free diamonds for everyone.
But no: I just couldn't resist looking into marijuana grower's insurance.
Insurance Journal tipped me off to Statewide Insurance Services, which offers Medical Marijuana Dispensary, or MMD, insurance to companies licensed to grow and/or distribute medicinal pot.
I know what you're thinking: I'll bet the premiums are high.
Actually, the main purpose of MMD insurance is to indemnify legitimate marijuana growers, collectives, cooperatives, dispensaries and caregivers against raids by state and local law enforcement agencies. That's right: insurance in case the good guys make the wrong move.
MMD's Medical Cannabis Raid Coverage pays the damages if the cops bust your medical marijuana grow house, as long as you are operating within your state's medical marijuana guidelines and are innocent of all warrant charges. Unfortunately, MMD doesn't cover property seized by federal agencies such as the Drug Enforcement Administration.
MMD insurance includes crop loss coverage and a "million-dollar brownie" product liability provision for lawsuits resulting from the ingestion of "medibles" (medical marijuana edibles), topicals and beverages being cooked up these days by so-called "Canna Chefs."
Coverage options also include property (including theft), liability, workers' comp and even commercial auto insurance.
It's high time that an A+ insurer stick their neck out to offer insurance for marijuana growers whose product is easing the pain and suffering for so many.
Or as Cheech and Chong would say: Far out, man.
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