Landlords
There is a trend among the major standard insurance companies to cancel or non-renew the insurance for building owners who provide space to the Medical Marijuana Industry. We have seen several well known and competitive insurance companies cancel coverage once they discover that the facility is leasing space to a medical marijuana dispensary.
How will the insurance company discover that I am renting to a medical marijuana dispensary? Most insurance companies will inspect a property that they are insuring and this is when over 90% of the dispensaries are discovered by the insurance company. When an insurance company discovers the dispensary they will more than likely do one of the following:
Provide written notice that the policy will cancel in 30 days due to the risk profile
Or
Continue with coverage but increase the premium astronomically to account for the “altered” risk profile
Both of these scenarios can be embarrassing and create undue stress on the property owner. Four Twenty Insurance Group is able to provide building owners with a comprehensive and extremely competitive insurance policy. We are able to place insurance on the following types of buildings:
- Office Buildings/Parks
- Industrial or Warehouse
- Office Condominiums
- Shopping Centers
- Strip Malls
A great resource for information on the issue is by Americans for Safe Access.
To discuss your current policy and receive a quote please click here or you may call us directly at 800.420.5757.
