Coverage Corral
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New Business Ventures
What are the coverage considerations when underwriters receive applications that are new business ventures? Coverage for new business ventures requires a closer look at operations. In order to help facilitate a decision as to whether or not coverage will be offered, here are a few questions that are used in the determination of risk:
- Does the insured have any prior experience in managing the type of farm under consideration? Is there previous experience with horses if it is an equine operation?
- If there is no prior experience, is someone other than the insured managing the business/operations? If so, how many years of experience do they have?
Having the answers to these questions in application can help facilitate a quick response and a more accurate quote.
Anesthesia Coverage for Your Horse
What is anesthesia? Anesthesia is the use of medicines to prevent Pain during surgery and other procedures. These medicines are called anesthetics. They may be given by injection, inhalation, topical lotion, spray, eye drops or skin patch.
Why do I have to buy it if I have Full Mortality? This coverage comes into play when the horse is undergoing an elective procedure or a procedure involving a condition that is excluded from the policy.
What does it cover? It covers complications for the anesthetic risk only.
How much does it cost? 1.0% of the value of the horse or a minimum premium of $100.00 - whichever is greater.
Example of the endorsement:
In consideration of an additional premium of________, It is hereby understood and agreed that coverage will be extended solely for the general anesthetic risk with respect to:
It is hereby understood and agreed that the elective surgery for ______ is excluded from the policy as per the terms and conditions of the Policy.
Coverage description is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Online portal may not be available at all times. Coverage not available in all states. Coverage is subject to underwriting. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. AgriBusiness® Division policies are underwritten by Great American Insurance Company, Great American Insurance Company of New York, Great American Alliance Insurance Company, and Great American Assurance Company, which are authorized insurers in 50 states and the District of Columbia. The Great American Insurance Group eagle logo and the word marks Great American®, Great American Insurance Group®, AgriBusiness® and AgriPak® are registered service marks of Great American Insurance Company. © 2023 Great American Insurance Company, 301 E. Fourth Street, Cincinnati, OH 45202. All rights reserved. 5639-AGB (10/23)