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spacerArticles on agricultural insurance topics
from AAIS's Viewpoint magazine


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AAIS is second to none in its commitment to serving farm and agriculture insurers with sound programs. Whether you are a regional farm insurer, a national carrier, or an MGA program writer, you will find no better combination of product platforms and support service for insuring family farms or large commercial farming ventures.

 

More than 150 companies, combined, write more than $500 million of premium each year using AAIS farm and ag products. That figure includes half of the top farm insurers in the county, but does not include more than 250 farm mutual insurers in seven states that access AAIS programs through their mutual associations.


The Agricultural Output Program, introduced in 2001, was the industry's first standard program for insuring property exposures of an integrated agribusiness enterprise. The "AgOP" provides a streamlined base for insuring agricultural risks that don’t fall into standard commercial classifications, and its flexible rating procedure is ideally suited to the unique and varied nature of agricultural operations. MORE

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Modeled in part after the AAIS Commercial Output Program (COP), the AgOP provides broad commercial property and inland marine coverage in a single policy form. Coverage for builders risk, computers, and mobile equipment is provided in the same form as coverage for buildings and personal property, including stock.

By doing this, the AgOP simplifies the process of structuring property coverage for an agribusiness account.The combination of commercial property and inland marine coverages in a single form reduces the potential for coverage gaps that can occur when property forms are packaged with inland marine floaters.

Also, coverage for computers, mobile equipment, and other inland marine exposures applies to the extent usually provided when written under stand-alone inland marine floaters, including coverage for loss caused by flood and earthquake. Earthquake and flood coverage for loss to building property, other personal property, and stock can be provided by endorsement.

In addition, four time element options are available in the base form, and a separate crime coverage part provides a broad range of options that incorporate features of highly competitive commercial crime programs.

At the same time, the AgOP gives insurers several ways to control their exposure. Most importantly, carriers can determine individual sublimits for additional, extended, supplemental, and crime coverages by entering them in the declarations. By putting "0" for an entry, a carrier can exclude the coverage, in effect.

AgOP users can also choose between blanket or scheduled coverage, or combine the two by granting blanket coverage with exceptions for certain scheduled locations, structures, equipment, stock, or other personal property.

The AAIS Farmowners Program is the program of choice for hundreds of farm carriers and their reinsurers. It was the first standard program to introduce modular components for writing residential property, farm property, and liability coverage for farms. It recently introduced the industry's first standardized equipment breakdown coverage parts for farm and household equipment. MORE

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The AAIS Farmowners Program utilizes a three-tiered approach to policy construction:

  • A choice among five residential property forms: basic perils, broad perils, open perils-dwelling, open perils-dwelling and contents, and tenants
  • One streamlined farm property form for insuring farm structures and scheduled and/or unscheduled farm property
  • Four options for liability coverage: AAIS farm personal, AAIS farm commercial, AAIS general commercial, or any industry CGL
    (A policy can also be written for property coverage only.)

The program provides the industry's only standard endorsement option for insuring home-based businesses under a farmowners policy, plus the equipment breakdown coverage options for both farm and household equipment.

The program also includes an income coverage option written to apply only to specified farm activities identified on a schedule and to avoid open-ended exposure for the diverse activities that can take place on farms.

The Farm Inland Marine Program, introduced in 2007, provides standardized forms and rating information for insuring unique farm and agricultural exposures. Its forms can be used with AAIS or independent insurance programs. MORE

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This program includes updated Farm Machinery and Livestock forms and rating information previously provided under the AAIS Personal Inland Marine Program. It also includes forms and rating information for a newly developed Farm Irrigation Equipment class.

While the language in the Farm Inland Marine forms address both family farms and commercial farming ventures, the policy provisions are patterned primarily after those used in commercial lines.

The Farm Properties Program provides forms, rules, and rating information for writing fire and extended coverages for farm dwellings, outbuildings, and farm personal property. These monoline policies help insurers write accounts that don't need or qualify for a package policy, such as farm rental properties and vacant farmsteads. MORE

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The Farm Properties Program provides three residential property forms that correspond with those in the Dwelling Properties Program, with an option to exclude a dwelling and insure only the farm property.

The forms provide five principal coverages: residence, personal property, additional living costs/fair rental value, farm personal property, farm barns/buildings/structures.

The program includes farm-specific coverage options, including coverage for added animal perils, livestock blizzard peril, and borrowed/rented/leased farm machinery.

The Farm Umbrella Program, the industry's first such program, provides both a farm personal and a farm commercial umbrella form to coincide with the underlying farm liability policy. MORE

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Both the personal and commercial umbrella forms can be written over underlying policies from any source that cover liability arising from autos, recreational vehicles, watercraft, employment-related injury, and other causes.

Umbrella coverage for these exposures applies strictly on a "follow form" basis, thus protecting an umbrella carrier from exposure to liabilities that have not been underwritten and priced in the underlying layers.

 

AAIS
American Association of Insurance Services
1745 S. Naperville Road | Wheaton, IL  60187-8132
630-681-8347 | 800-564-AAIS | Fax  630-681-8356