JERSEY CITY, N.J., September 5, 2007 — ISO has introduced its Agri-CAPTM (Agricultural Capital Assets Program), an output policy providing broad coverages and pricing flexibility for medium-sized to large agricultural-related businesses.
Agri-CAP can be written as a monoline policy, or insurers can combine it with other types of coverages, such as general liability or commercial automobile, and write it as part of a commercial package policy.
The Agri-CAP program provides blanket replacement cost coverage, without a coinsurance provision, for buildings (including dwellings) and most business personal property. The program offers actual cash value, functional replacement cost, and agreed value loss settlement options. An optional endorsement to schedule locations is also available and includes a coinsurance provision.
“Many traditional family farms have become complex business operations, facing risks and exposures that require more coverage than some traditional farm insurance policies offer,” says Beth Fitzgerald, vice president, Commercial Lines and Modeling. “Grain silos and liquid storage tanks can fail, food products are susceptible to external contamination, and perishable property can spoil. And structural damage can result in loss of business income and dwelling property simultaneously. Our new Agri-CAP program is designed to provide superior coverage and flexibility for today’s medium to large farms and agricultural businesses.”
The program provides coverage for buildings, dwellings, business personal property, and household personal property at locations within the coverage territory. Coverage for buildings includes silos, building foundations, bulkheads, pilings, piers, wharves, docks, corrals, and pens.
In addition to farms, any business operations related to agribusiness are also eligible, including agricultural processing operations, dehydrating facilities, grain storage, hatcheries, mill operations, poultry operations, ranches, slaughterhouses, and wineries.
The Agri-CAP program makes available various optional endorsements to add or exclude coverage and to amend the limits of insurance. Optional endorsements available under the program include those relating to earthquake, flood, functional replacement cost, grain under government loan, livestock coverage, poultry coverage, railroad rolling stock coverage, scheduled mobile equipment, terrorism exclusion, transit backhaul, and warehouse operators legal liability, among others.
Insurers who participate for ISO’s Agri-CAP program automatically receive ISO’s Agri-CAP Premium Calculator software. The software helps insurers rate accounts that they quote under the program and allows them to document their pricing rationale.
Agri-CAP is a companion to ISO’s Capital Assets Program, an output policy that provides broad coverages and pricing flexibility for medium-sized to large manufacturing, industrial, habitational, commercial, retail, wholesale, service, contractor, and institutional risks.
For more information on ISO’s Agri-CAP, please call ISO Customer Service toll-free at 1-800-888-4476.
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