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WHEATON, Ill., May 4, 2005— Nationwide
Agribusiness, a member of the Nationwide group of companies, has
affiliated with the American Association of Insurance Services (AAIS)
for use of AAIS's Agricultural Output Program (AgOP).
AAIS is an advisory organization that develops
policy forms and manuals used by more than 600 property/casualty
companies. Its AgOP is a commercial property program specifically
designed for agribusiness operations.
Nationwide Agribusiness specializes in insuring
agricultural cooperatives and independent agribusinesses, and writes
farm insurance as well. For 2003, it reported approximately $54
million in written premium for commercial multi-peril coverage and $8
million for farmowners insurance.
The company plans to use the AgOP to insure
agribusiness accounts such as grain
elevators and operations that integrate growing, packing, and
shipping, according to Ryan Albers, senior staff specialist.
Among other things, Albers says Nationwide
Agribusiness was attracted to the fact that the AgOP includes an
option to provide property
coverage for a dwelling, a common exposure in agriculture, even for
large risks. Another benefit the company cited is the flexible rating
procedure that allows an underwriter to address a risk's unique
exposures.
Modeled in part after the AAIS Commercial Output
Program (COP), also used by companies in the Nationwide group, the AgOP provides broad commercial property and inland
marine coverage in a single policy form. Four business income options
are provided in the base form, and optional coverage parts are
available for providing crime and equipment breakdown coverage.
For information on the AAIS Agricultural Output
Program, contact Rick Maka, director of marketing, at rickm@AAISonline.com
or by calling 800/564-AAIS.
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