Managing general agent GMI Insurance, a specialist in commercial transportation insurance, has announced the launch of a cannabis transport program.
The program is unique in that it combines physical damage with motor truck cargo, GMI said. It also covers third-party specialty transporters and courier services.
GMI is also one of the few carriers offering refrigerator breakdown coverage, which is important because many cannabis products like extracts require refrigeration during transport.
As cash is the primary way that many cannabis-related businesses operate, the program also offers a cash-in-transit inclusion endorsement.
“For over 42 years, GMI has specialized in covering commercial transportation risks,” said Karen Trudel, chief operating officer at GMI Insurance. “We are excited to add our new cannabis transport program to our growing list of successful commercial transport programs. The program is comprehensive, covering most parts of the cannabis product cycle including cultivators, processors and harvesters, wholesalers and distributors, retailers, dispensaries, specialty transporters, courier services and licensed transportation.”
The program is available to retail agents in the following states:
Program specifics include maximum limits of $1 million for covered cargo vehicles and a vehicle stated value of up to $200,000 for any one unit. Startups and new business risks are acceptable with appropriate experience and documentation, GMI said. Optional coverage and endorsements include cash-in-transit inclusion, loss payable clause, unattended covered vehicle coverage and refrigeration breakdown coverage.
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