FUPWebinar121003

Information about FUPWebinar121003

Published on December 29, 2007

Author: Ethan

Source: authorstream.com

Content

Slide1:  The AAIS Farm Umbrella Program Robert Prahl, CPCU, education director Joseph S. Harrington, CPCU, director, corporate communications Dec. 10, 2003 Audio: dial 877/326-2337 Conference ID: 5518405 AAIS Web-Based Seminar Before We Begin:  Before We Begin Interactive seminar View PowerPoint® presentation over Internet Hear commentary over telephone Raise questions verbally or by “chat” function To use chat: Click ‘Exit Full Screen’ To go back: Click ‘View,’ select ‘Full Screen’ Speed at which slides appear depends on-- Your Internet connection Your computer’s speed Your server’s speed Before We Begin, cont.:  Before We Begin, cont. Please adhere to antitrust guidelines Observe guidelines at all times When communicating by phone When using ‘chat’ function Market Observations:  Market Observations Shrinking number of unique, diverse risks More businesses; fewer farms Market Observations, cont.:  Market Observations, cont. Unique liability hazards Growing workers comp, employers liability exposure Substantial pollution exposure Exposure from random activities (hay rides, etc.) Distinct from personal, commercial liability AAIS Cause of Loss Data, 1997-2001:  AAIS Cause of Loss Data, 1997-2001 AAIS Farm Umbrella Program:  AAIS Farm Umbrella Program AAIS developed three umbrella programs: Personal Umbrella Farm Umbrella Commercial Umbrella Subject of today’s Web seminar is the Farm Umbrella Program AAIS Farm Umbrella – How Does It Work?:  AAIS Farm Umbrella – How Does It Work? Excess of limits Coverage for damages that exceed limit of underlying insurance Drop-down Coverage Responds to claims for BI/PD not covered by the underlying policy & not expressly excluded in umbrella Subject to a retained limit of $250 Defense coverage applies in addition to liability limit Exhaustion of aggregate limit in an underlying policy by payment of claims. What Does the Program Consist of?:  What Does the Program Consist of? Coverage forms and endorsements Manual (ready to go) Loss cost rating information Rules Companies can use as a basis for their own manual finalize the rating info establish minimum premiums amend rules to reflect company requirements for eligibility, min. underlying limits, retained limit Filing and Customization:  Filing and Customization Forms and endorsements filed on advisory basis Filing will not carry an effective date Filing authorization service not available at this time Companies adopt by referencing the filing and supplying effective date (no need to submit forms and endorsements) Company-specific services Customizing forms and manual to company specifications Filing company modifications AAIS Farm Umbrella :  AAIS Farm Umbrella Many farms present unique and diverse combinations of personal and commercial risks. Our forms address those situations as well as farms that are solely commercial in nature AAIS Farm umbrella forms structured for use with specific versions of AAIS farm liability forms This avoids coverage gaps and having to cover unintended exposures. Two Farm Umbrella Forms:  Two Farm Umbrella Forms AAIS Personal Umbrella Liability Coverage (Farm) Provides coverage over underlying AAIS Personal Liability Coverage (Farm) form AAIS Commercial Umbrella Liability (Farm) Provides coverage over underlying AAIS Commercial Liability Coverage (Farm Premises & Operations) Includes endorsement for extending liability coverage for personal activities AAIS Farm Umbrella – ‘Follow Form’:  AAIS Farm Umbrella – ‘Follow Form’ Underlying liability coverage provided by any policy for: Auto RV Watercraft Subject to company requirements for minimum underlying limits Farm umbrella forms are ‘follow form’ with respect to many exposures, including above exposures Umbrella coverage applies only to the extent that coverage applies in underlying policy Personal Farm Umbrella:  Personal Farm Umbrella Who is Personal Farm Umbrella designed for? Traditional family owned and operated farm Natural person must be shown on Declarations as Named Insured(s) Family corporations and/or other entities may be insured as Additional Insureds by endorsement in underlying policy Commercial Farm Umbrella:  Commercial Farm Umbrella What is Commercial Farm Umbrella designed for? Farms owned and operated by a corporation, partnership, or other commercial entity Personal liability exposures of individuals & families who reside on farm may be covered by endorsement Farms operated by non-resident individual owner Insured’s personal liability exposures should be covered under separate Homeowners policy and Per. Umbrella policy Farm Umbrella – Principal Coverages:  Farm Umbrella – Principal Coverages Principal liability coverages Bodily injury Property damage Personal injury (libel, slander, invasion of privacy) applies only if covered by underlying insurance available by endorsement Advertising Injury, in farm commercial form, only if provided by underlying insurance available by endorsement in underlying farm commercial form Minimum Underlying Limits:  Minimum Underlying Limits Sample manual includes guidelines for underlying minimum limits for: Farm liability Comprehensive Personal/Commercial Farm Auto Unlicensed RVs Watercraft Companies have the option of changing these limits Umbrella Policy Limits:  Umbrella Policy Limits Basic each occurrence limit is $1,000,000 Higher limits available Increased limit factors included in manual Commercial umbrella liability coverage subject to: General aggregate limit Products/completed work hazard aggregate limit Each equal to twice the each occurrence limit Coverage Summary:  Coverage Summary Coverages provided under Farm Umbrella forms Principal Coverages Personal Commercial Bodily injury/Property Damage Yes Yes Medical Payments No No Personal Injury Yes* Yes* Advertising Injury No Yes* Fire Legal Liability (Per./real prop.) Yes No Employers Liability, Auto, RV, Watercraft Yes** Yes** Auto No-fault, UM/UIM No*** No*** Defense in addition to limits Yes Yes *only to extent personal injury and/or advertising injury covered in underlying policy. **only to extent these coverages are provided by underlying insurance. ***If a state requires UM/UIM coverage be offered, state endorse. avail. AAIS Farm Umbrella -- Definitions:  AAIS Farm Umbrella -- Definitions Farming - ownership, use, etc. of premises for producing crops or raising livestock. Includes operation of roadside stands and farm markets for sale of insured’s farm products, but not other retail activities. Insured – all persons or entities insured in underlying policy, incl. additional insureds, are also insureds under umbrella policy. Eliminates need for Additional Insured endorsements for Umbrella AAIS Farm Umbrella – Pollution Coverage:  AAIS Farm Umbrella – Pollution Coverage Pollution Coverage Farming impacts environment - basic resource is land AAIS Farm policy excludes pollution with very limited exceptions (which means coverage applies) for: Injury/damage resulting from hostile fires From fires set to burn off crop stubble or vegetation Injury/damage arising out of use of a motor vehicle, but only to the extent coverage applies in the underlying policy AAIS Farm Umbrella -- Exclusions:  AAIS Farm Umbrella -- Exclusions Several exposures may be specifically excluded by endorsement Designated Premises Designated Operations Designated Products Designated Vehicle or Watercraft Benefits of AAIS Farm Umbrella Program:  Benefits of AAIS Farm Umbrella Program Protects companies from the risks of writing umbrella coverage by ‘cutting and pasting’ personal lines forms Uses terms and follows structure of the underlying farm policies to avoid coverage gaps and unintended exposures Sample manual with advisory loss costs guides companies in filing their own programs. AAIS Farm Umbrella Benefits, continued:  AAIS Farm Umbrella Benefits, continued AAIS staff can assist with customization and filing Filed/approved in all states where the Farmowners Program is currently filed May be used with any reinsurer Ongoing maintenance addresses-- Changes in underlying programs Compliance and other coverage issues Court decisions Legislation Mold and terrorism Cost of Farm Umbrella Program:  Cost of Farm Umbrella Program Number of States 1 2-10 11-20 21+ Charge $1,000 $2,000 $3,000 $4,000 For more information:  For more information Richard Anderer, Marketing Director 800-564-AAIS (2247), ext. 222 [email protected]

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