All across the U.S., it's clear that Mother Nature's been busy. In fact, she's been busy for quite some time. The NOAA (National Oceanic and Atmospheric Association) National Centers for Environmental Information share that between 1980 and July 9th of 2021, we've weathered 29 droughts, 35 floods, 19 winter storms, 18 wildfires, 52 tropical cyclones/hurricanes, and nine freeze disasters. The total cost of these 298 events exceeds $1.975 trillion. (Note: these figures do not include recent Hurricanes, Henri and Ida.)
The farming industry doesn't escape the effects of her wrath, with agribusiness weather disaster recovery needed from:
Physical damage to dwellings or buildings and material assets inside
Lost time elements like business interruption
Physical damage to or losses of vehicles
Damage to or losses of crops, livestock, and timber
It's hard to stop Mother Nature, and it's not easy to mitigate her damage, which routinely tops tens of billions of dollars each year. But there is at least one solution to the steep price of recovery: having the right commercial agribusiness or farmowners insurance coverage.
Protect Your Agribusiness from Mother Nature with the PHLY Difference
Believe it or not, farmowners and agribusiness coverage can be hard to find. Some carriers recently stopped offering farmowners insurance or reduced umbrella limits because of the risk. But Philadelphia Insurance Companies (PHLY) hasn't. With a broad range of coverages that can be tailored to your needs, PHLY has farmowners and commercial agribusiness insurance solutions that can make all the difference to your agribusiness's recovery and risk avoidance.
PHLY coverage includes:
General liability: Protects against liability claims for property damage or bodily injury happening on the premises or caused by operations or products. PHLY has limits of $1M for each occurrence/$2M aggregate.
Farmowners insurance offers additional farm liability with limits of $1M for each occurrence/$2M aggregate and includes a deluxe endorsement at no charge
Commercial agribusiness insurance offers employee benefits liability
Property: Provides financial reimbursement in the case of property damage or theft and if someone other than the owner or renter is injured. PHLY offers business income, vandalism reward reimbursement, replacement costs, boiler or mechanical breakdown, and elite property enhancements.
Auto: Provides coverage for owned/non-owned and hired autos for liability and physical damage. It can also include rental reimbursement.
Plus, PHLY can help protect every part of the agribusiness with Directors and Officers, Employment Practices, and Cyber Security coverages. PHLY provides Inland Marine, Flood, Earthquake, and Bell endorsements with generous limits and a Crisis Management Enhancement endorsement with a $25,000 limit.
PHLY Doesn't Stop There
We also offer:
$10M umbrella liability
As mentioned earlier, while other carriers may have decreased their umbrella liability limits - the coverage in excess of the customer's regular liability limits - PHLY has limits of up to $10M.
Crop insurance
With crop losses in the tens of billions due to weather and fire, one critical insurance plan that may be missing from other carriers is crop insurance. PHLY is pleased to make this vital insurance available through its sister company, Tokio Marine HCC. With over half a billion dollars in crop insurance coverage in force, access to TMHCC is a valuable benefit to working with PHLY.
Environment and pollution
On a farm, protecting the surrounding environment is critical. So is protecting farmowners from liability if pollution occurs. This is another area where PHLY differs from others in the industry by offering a robust program to help cover claims for runoff and chemical drift as well as other third-party coverages.
This program available through PHLY's extensive risk management team offers GPS monitoring and training to lower the costs and potential for driver-related accidents. This no-cost benefit available to insureds is especially significant when you consider that auto accidents are actually the top agribusiness claim.
Get Even More with the PHLY Difference
PHLY has everything agribusinesses need to help them get back to business after extreme weather events.
An A++ Superior Rating for Financial Stability from AM Best Company
96% overall customer satisfaction
Industry-specific coverage for Farmowners that includes:
Home and contents
Farm personal property
Structures, Liability, Autos
Industry-specific coverage for Commercial Agribusinesses including:
Property
Special causes of loss on buildings, contents, loss of income, and extra expense
Liability, Business Income, Autos
A local contact: PHLY has representatives all across the country who are familiar with agribusiness and farmowners' risk solutions.
Agribusinesses and farms deserve one-stop shopping with a carrier that provides more when others have reduced coverage or pulled out of the market. You can trust PHLY to be there through wind, rain, hail, fire, flood, snow, and dwelling/building/equipment damages.
Learn more about PHLY's agriculture insurance solutions for commercial agribusinesses and farmowners by downloading our free eBook, Helping Your Clients Navigate Agribusiness Insurance, visiting our product pages, or contacting your PHLY representative today.