By putting everything together into one policy, with one company, and handled by one agent, we can help avoid costly duplications of coverage, and even more importantly, avoid potential gaps in coverage.
Convenience! It simplifies the renewal process, as it comes up once each year. You don’t have to keep track of multiple policies, with different renewal dates. Also, you also write one check, not several to any number of companies.
Usually, single lines of insurance coverage (called “monoline” policies in the industry) have a standard rate, which is applied to all applicants. “Package” policies have the distinction of being credited (or debited) based upon individual risk characteristics. The company underwriter will evaluate items such as the physical condition of the premises, years of experience, loss history, age and condition of the buildings, etc. A combination of credits can sometimes save you up to as much as 35% off the standard rates.
By definition, “package” policies usually include coverage for property (ie: buildings) and liability. Thus, they are designed for the individuals, partnerships, or corporations that own, or lease, an equestrian facility. However, the flexibility of a “package” allows you to add coverage for one or more of the following different types of exposures;
- Homeowner’s or renter’s coverage
(including personal property).
- Farm structures such as barns, arenas,
shelters, shops, fencing, etc.
- Equipment such as tractors, ATVs, saddles,
tack, supplies, fuel, chemicals,
etc.
- Both personal and farm/commercial liability coverages.
- Loss of income, if your covered structure
sustains a loss that disrupts your
business.
- “Builder’s Risk” (sometimes referred to
as “Course of Construction”) for
new structures during the construction
phase.
- “Care, Custody & Control” for
breeding, boarding, or training operations
who take care of non-owned
horses.
- Recreational vehicles such as watercraft or
snowmobiles.
- Autos (both personal use and business use).
- Umbrellas to provide excess layers of
coverage, and protection against the
unforeseen exposures.
Because the options for a “package” are endless, just give us a call to start the process of obtaining a ranch “package” quote. We would be happy to discuss your unique business exposures, and suggest different types of coverage available to protect your assets. Quotes are always free, and can frequently be completed in just a day or two. If available, it is always helpful to have your current ranch, homeowners, and/or auto policies handy when making that call.
