Travelers, the nation’s second-largest independent agency market for agribusiness with a 5% market share, offers an enhanced farm package compliments of its Equine Professional Services Endorsement.
PRODUCT: Equine insurance package
COMPANY: Travelers (admitted)
BEST RATING: A+
AVAILABILITY: Travelers takes on equine coverage submissions from both retailers and wholesalers. To make submissions, call 855-400-FARM (3276). For a possible company appointment, contact Vicki Turner, agency administration senior consultant for Travelers’ agribusiness division.
FOCUS: Travelers, the nation’s second-largest independent agency market for agribusiness with a 5% market share, offers an enhanced farm package compliments of its Equine Professional Services Endorsement. This five-year-old add-on expands the package by covering owners and operators of horse farms and stables who present equine education, training and other professional services. The endorsement’s coverage triggers are incidents of bodily injury and/or property damage stemming from delivering the aforementioned services. The endorsement comes with a per-boarded horse sub-limit of $150,000 and with an annual aggregate limit of $250,000. Without providing specific numbers, Travelers projects “significant” equine business written premium growth this year over last year’s results, says Will Cushing, chief underwriting officer of Travelers agribusiness division. If Cushing is correct, 2014 would mark Travelers’ 12th consecutive year of written premium growth in this class.
UNDERWRITING: Travelers can write stand-alone equine liability and property protection, but the carrier strongly favors delivering packages that are tailored to address a policyholder’s specific coverage needs. Producers can put together property/inland marine including residence, barns and riding stables; general liability; stable liability; care, custody and control; auto and trailer and umbrella/excess. Primary per-occurrence and aggregate limits usually run $1 million/$2 million. Higher primary limits are available, plus the added protection of excess/umbrella limits of up to $25 million.
Agents and brokers can arrange an Equine Property Endorsement with per-occurrence limits covering tack and equipment ($10,000 in coverage); vitamins, vaccinations and other animal health products ($1,500 limits); signs and entrance gate replacement ($5,000 limits); and damage to fences and corrals ($3,000 limits). Higher limits are available on a case-by-case basis. Equine-related workers comp is not offered. Deductibles start at $500. Occurrence forms are used. Defense costs are outside policy limits. Proximity to the nearest fire department doesn’t influence Travelers’ decision on whether to write a particular account.
MINIMUM PREMIUM: Depends on individual risk characteristics, such as coverage type and amount of limits selected.
TARGET: Travelers offers coverage to a broad range of equine risks, including estate farms, breeding, boarding and training facilities; riding stables and ranches; horse farms; stable owner-operators; care, custody and control exposures and other equine liability exposures.
COVERAGE TERRITORY: All states except AK and HI.
CONTACT: Vicki Turner, agency administration senior consultant for Travelers’ agribusiness division; 1000 Windward Concourse, Suite 100, Alpharetta, GA 30005; 678-317-7651; fax: 800-470-1558.
Ron Lent is an IA contributor.
