Indoor farmers now have an insurance option to fit their needs. Contain Inc, an alternate finance business for indoor agriculture, has launched an insurance service for indoor farmers in collaboration with insurance broker InterWest Insurance.
The service aims to fill a gap left by current insurance providers and products as the indoor agriculture industry grows, according to the company. The insurance option clears the confusion for indoor growers to protect from crop loss.
A company spokesperson points out that growers have sometimes found that they’re not covered for key risks, “such as losing a crop to an HVAC unit’s breakdown.” The group says indoor agriculture is a small but rapidly growing part of the U.S. food industry.
According to research conducted last year, there were 15 commercial-scale vertical farms and rooftop greenhouses in the U.S. in spring 2015. By spring 2017, there were 56.