Kanye West has an interesting situation ... he's planning on a concert tour of sorts -- taking his wildly popular Sunday Service on the road -- but can he get an insurance company to cover the tour if disaster strikes like it did 3 years ago? Well, we found out he can, but there's a catch.

We've contacted Kanye sources as well as sources in the insurance industry, and here's what we know. Kanye can get his tour insured, but the insurance company will not cover cancellations due to mental health issues.

TMZ broke the story ... Ye pulled the plug on his Saint Pablo Tour back in November 2016, hours before he was supposed to take the stage in L.A. He was hospitalized at UCLA for 9 days to treat some pretty serious issues.

Kanye, who has said in the past he's bipolar, told us he was off his meds because they made him feel bad.So, given that backdrop, we're told the major companies that insure concert tours would not cover hospitalization due to mental health issues ... and it doesn't matter if Kanye is taking meds or not. There will be no coverage.

That said, we're told insurance companies will still underwrite a policy for his tour with that exclusion.

Kanye has already said he's readyto get started with the JIK tour "right away," and it seems folksgot a tasteof what it'll look like this weekend at The Forum. Pointbeing, he'll probably have to decide on an insurer pretty soon here if he wants to keep his word.

While it sucks Ye has to spend a bit more for a policy tailored for his current state, the good news is that he hasn't had a public episode in a while ... and seems to be in a good headspace.