What it does
IH 99 04 modifies the Commercial Inland Marine Coverage Part. "Cannabis" is added to property not covered, and business income or extra expense from a suspension attributable to cannabis activities (cultivation, manufacture, storage, processing, transport, sale and similar) is excluded. Goods derived from hemp, such as seeds, food, clothing, lotions, oils or extracts, building materials and paper, are carved back unless prohibited by state or local law where they are located.
Who needs it
Carriers use it for accounts in the hemp supply chain: farms, processors, haulers and warehouses handling hemp products.
Quoting and selling notes
Confirm what the insured actually handles and that the products are lawful where stored; the carve-back is lost if local law prohibits them. Marijuana operations need IH 99 36 or a specialty market. IH 99 03 is the version without the hemp exception.
