SafeHerb, a division of Specialty Program Group LLC, said on Tuesday that it is introducing Cannabis & Hemp Insurance to provide "seed for sale" coverage.
SafeHerb coverage covers general liability, product liability, property, equipment distribution, indoor crop loss or damage and cargo.
The coverage is taken out by Obsidian Insurance Group.
The limits are $ 5 million for liability; $ 10 million for primary and surplus properties, with an additional $ 15 million of assets available; and cargo is $ 1 million, according to an email from a spokeswoman.
Coverage is available for cultivators (indoor, outdoor and greenhouses); processors for harvesting, processing, quarantine and testing; manufacturers for product development and manufacturing; wholesalers for sale to resellers and distributors; conveyors for services with an approved classification; retail pharmacies; laboratories, either independent or large-scale operations, and property owners for leases, leases and property exposures.
Coverage is available in all 50 states and Washington DC for both cannabis and hemp companies.
Internal Loss Control Services and Claims Managed by Avant Specialty Claims [1