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Policy Combines Physical Damage with Motor Truck Cargo
Managing General Agent GMI Insurance, a specialist in commercial transportation insurance, announced that it has added a Cannabis Transport Program to its list of programs. The Cannabis Transport Program is unique as it combines physical damage with motor truck cargo. It also covers third-party specialty transporters and courier services. Many cannabis products like extracts require refrigeration during transport; GMI is one of the few carriers offering refrigeration breakdown. As cash is the primary way many cannabis-related businesses operate, a Cash In Transit Inclusion endorsement is also available.
GMI Insurance Chief Operating Officer Karen Trudel says, “For over 42 years, GMI has specialized in covering commercial transportation risks. 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.”
Program specifics include maximum limits of $1M for covered cargo vehicle and a vehicle stated value up to $200,000 for any one unit. Start-up/new business risks are acceptable with proper experience and documentation. Optional coverage and endorsements include Cash In Transit Inclusion, Loss Payable Clause, Unattended Covered Vehicle Coverage and Refrigeration Breakdown Coverage.
The program is available to retail agents in the following states: AZ, CA, CO, CT, IL, MA, ME, MI, MO, MT, NM, NJ, NV, NY, OR, RI, WA, VA, and VT at this time.
To learn more about GMI’s new Cannabis Transport Program, contact Chris Lewis, Underwriter, at (610) 933-4679, ext. 278.