Tuesday, May 8, 2012

Insurance for Growers, Dispensaries Covers Fires, Theft and (Some) Law Enforcement Seizures

If you don't need more proof of the growing acceptance and tolerance of medical marijuana, consider that this formerly outlaw product is now being covered by the most pedestrian of industries — insurance.

Oregon's KOMO reports that insurance agents are now offering coverage to dispensaries and growers to cover the usual concerns of any business owner, such as fire, wind, rain and theft. But the policies also include coverage from law enforcement raids...though not all kinds of raids.

 Seizures by local and state law enforcement are covered under the policies, but raids by federal agencies are not. The reasoning is that marijuana is still illegal under federal law, and paying growers and dispensaries for losses incurred by the DEA would be aiding and abetting.

The policies run about $1,200 to $2,000 a year with a $5,000 deductible.

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