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Cannabis farm? Forest fire?
No, this is not the plotline for a Cheech & Chong revival. It’s an actual claims scenario that led to what may be the largest insurance payout — more than $1 million — to date for a cannabis producer, according to The Cannabist.
A southern California grower, which was not identified, reportedly received a payout in excess of $1 million for losses suffered during the Thomas Fire that devastated the region in December and January, according to The Cannabist.
What was identified, however, were the hefty premium and deductible, $30,000 and $25,000, respectively, according to a source at insurance brokerage Brown & Brown Inc., ranked fourth on the Business Insurance list of Largest U.S. Commercial Retail Brokers.
The product did not go up in smoke, however. The damage came as ash from the fire reportedly made its way into the cultivator’s greenhouses and was deposited on the plants, contaminating them with various chemicals, according to the report.
The payout reportedly came from a Britain-based insurer, which has since chosen to limit its exposure to the cannabis industry due to the large payout, according to The Cannabist.
Fact: During the Russia Revolution, Tsar Nicholas II was killed by revolutionaries along with his wife and a few of his children. (Nothing to sing about. Or is there?)