The new product provides coverages for a wide range of farming and ranching operations, including hobby farms, ranches, small to mid-sized farms, large farms and complex farming operations.
PRODUCT: Farm and Ranch
COMPANIES: Main Street America Insurance, underwritten by Midvale Indemnity Company
BEST RATING: A
AVAILABILITY: Appointed agents and brokers only.
FOCUS: This new Farm and Ranch product line strengthens the broad portfolio of products that Main Street America currently offers, including commercial lines, personal lines, surety bonds and agribusiness products.
“Our new Farm and Ranch product offering increases our value proposition with independent agents and customers and is a key part of Main Street America's commercial lines distribution strategy," says Aaron Voegeli, director of distribution strategy and enablement, Main Street America. “It's exciting to leverage this farmer and rancher approved product to expand our customer offering."
Main Street America's dedicated underwriting, claims and loss control teams collaborate with agencies to meet each farm clients' needs while helping the agency achieve profitable growth.
COVERAGE DETAILS: Main Street America's Farm and Ranch insurance provides coverages for a wide range of farming and ranching operations, which include hobby farms, ranches, small to mid-sized farms, large farms and complex farming operations. The product provides coverage for most exposure types, including row crops, such as corn, wheat and soybeans; cattle, including dairy operations; equine; hay; and produce, such as fruits and vegetables. Farms with agritainment or agritourism exposures may also be written with this program.
The product also offers comprehensive coverages for dwellings, farm structures, and personal and commercial liability exposures. A full suite of optional property and liability coverages allows farmers and ranchers to customize coverages. Umbrella coverage and auto coverage is also available for the packaged farm risks.
UNDERWRITING: Farm and Ranch risks are quoted and bound online. Rate factors are multi-faceted to account for the uniqueness of each farm risk. Appointed agencies have direct access to a dedicated farm underwriter and information is also available via the Agents Only portal.
TARGET: Main Street America has a broad appetite for most farming exposures, and its target markets include growing crops (such as corn, wheat and soybeans), hay, beef, dairy and hog operations.
COVERAGE AVAILABILITY: Currently filed and approved in Pennsylvania and New Hampshire. More states to follow this year and throughout 2023.
CONTACT: Sherry Paczosa, distribution consultant, Main Street America.
Will Jones is IA editor-in-chief.