Missing payment for 4/20 event could force insurance agency to close

An insurance agency still hasn’t been paid $10,000 for coverage of a local 4/20 event – and that could mean big trouble for the business

Missing payment for 4/20 event could force insurance agency to close

Insurance News

By Ryan Smith

A Denver insurance agency is finding out the hard way that when you sell insurance to marijuana enthusiasts, you should make sure they don’t forget to pay you.

Denver’s annual 4/20 celebration has left SBI Insurance in a jam. According to the agency, Civic Center Productions’ Santino Walter – who was contracted to produce the event – purchased insurance for it and still owes more than $10,000 for the coverage, according to Fox 31 Denver.

Nadyne Huber, co-owner of SBI, told Fox 31 that if Walter doesn’t pay the amount due, her company could default on a contract with the insurer. That could put SBI out of business for good.

“I feel sick to my stomach and I just want to sit down and cry, but I know that won’t solve the problem,” Huber told Fox 31.

SBI must satisfy the contract by today (Friday), the local station reported.

Huber said she still had hopes that Walter would pay what is owed before the deadline. However, she said she would likely have to take out a high-interest loan to cover the loss, Fox 31 reported.

The amount due still hadn’t been paid when IBA reached out to the insurance agency.

“At this time Santino Walters has not paid the full amount and we are still going to have to close our doors,” Chris Slater, president of SBI told IBA. “We have a GoFundMe account that Nadyne Huber and I built to help support me in this matter.”

Related stories:
Insurer battles cannabis candy company over “Karma Kandy” killing
Cannabis may not be as risky a business as many think — but there’s still reason to take care


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