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Transcript of Insurance Community University AgOP 1 The webinar will begin shortly. There is no audio at this...
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Insurance Community University
AgOP
1
The webinar will begin shortly.
There is no audio at this time.
This presentation is being recorded for your viewing pleasure at a future date.
The attendance and proctor forms are available under ‘Materials’ in the Webinar’s Console to the right.
The PowerPoint presentation is also available under ‘Materials’.
You will receive the course number for your state near the end of class.
Use the ‘chat’ window for questions on the content.
100% Participation in Polling Questions is required to receive credit for this class. Even if you do not intend to receive credit, please participate in the polls.
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Insurance Community University
Welcome to your Insurance Community University
• All of you are currently on mute – Un-mute your own system– Telephone Option
• Select Telephone on your screen• Dial in the PIN number so that your number becomes active
– Microphone and/or Speaker Option• You can use this option if you have a headset that you use
with your computer
Audio
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Insurance Community University
Participation & Chat Window
• You will receive information from the monitor via the ‘Chat’ window. – Please locate window in the control panel
• Q & A is welcomed during the presentation and at the end of the presentation
• You will find the question box on your control panel– Write your question in that box
and send it to the presenter/organizer
• The presenter will take those• questions in the order submitted
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Insurance Community University
DOI Requirements
• When you see a slide with the hand up symbol, touch the “hand” icon on your control panel– Click ONCE only
• If you do not raise your hand, the monitor will be in contact with you in the chat box
• If you are in a group, the designated proctor is responsible to make certain you are all in attendance at all times
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= Hand is down
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Insurance Community University
Polling
• Throughout the class we will be conducting periodic polls
• We need 100% participation on the polls• The polls are intended to check
participation but also to create discussion topics throughout the presentation
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Insurance Community University
Forms To Complete for CE
• After class ends– Return attendance form– Proctors – return your form to email
address
• Email address is in chat window or in email sent to you today
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Insurance Community University
DOI Requirements
• We will file your hours with the DOI after the completion of this webinar and we have received the attendance form.
• You have 48 hours to return the form• You will be sent a Certificate of
Attendance/Completion by email. Please retain this for your records for five years.
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Insurance Community University
Internet Disruption
• If the presenter looses internet connection STAY ON THE LINE
• The administrators will communicate with you
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Insurance Community University
Internet Failure
• If the internet fails and all participants are kicked off line by Go To Training or other source then the seminar will be terminated
• You will receive instructions by email as to how we will proceed
• This is a precautionary notice, only
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Insurance Community University
This class is being recorded
• Available in the University• This course is approved for CE in CA Only
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Insurance Community University
DisclaimerInsurance forms and endorsements vary based on insurance company;
changes in edition dates; regulations; court decisions; and state jurisdiction. This instructional materials provided by Insight is
intended as a general guideline and any interpretations provided by the instructor or the creator(s) of this material do not modify or
revise insurance policy language. In providing these materials, the authors assume neither liability nor responsibility to any person or
business with respect to any loss that is alleged to be caused directly or indirectly as a result of the instructional materials
provided. Copyright 2010 – 2013 All Rights Reserved
www.insurancecommunitycenter.com
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Insurance Community University
Your Instructor Today
Laurie Infantino, CIC, AFIS, CISC, ACSR, CISC, CRISPresident and Co-Founder of
The Insurance Community Center
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Insurance Community University
What This Course Will Cover
• Background on AgOP• Eligibility• Review of AgOP Coverage Form• Review of available endorsements
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Insurance Community University
Polling Question #1
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Insurance Community University
Background on AgOP—It is all about Vertical Integration
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Insurance Community University
Background on AgOP
• Developed by the AAIS• Designed for insuring the business of
processing agricultural products from production through processing to distribution
• There are 80 eligible classes of businesses for the AgOP
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Insurance Community University
Eligibility (AAIS)
• Risks involved in one or more of the following agricultural operations are eligible for the program– Buying, selling, storage, or processing of
agricultural products– Manufacturing goods from agricultural
products
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Insurance Community University
Eligibility (AAIS)
– The sale of goods or services to agricultural or agribusiness customers; or
– Farming operations that supply agricultural commodities for manufacturing or processing
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Insurance Community University
AgOP vs Farm Owners Policy
• It is designed for the “agribusiness risk”• Higher limits are available• Higher minimum premiums are
applicable• There are similarities, however farm
owner risks are often owner occupied with dwellings as a key component.
• Dwellings can be written on the AgOP
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Insurance Community University
Farm Forms in the ISO Series
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Insurance Community University
Farm Forms in the ISO Series
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Insurance Community University
Polling Question #2
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Insurance Community University
AgOP
• The AgOP is a monoline property policy• The AgCGL is the monoline CGL policy• However, it is a “package” of property
coverages all on one policy including:• The policy avoids gaps in property
coverages
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Insurance Community University
AgOP
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INLAND MARINE
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Insurance Community University
It is all about the trigger of coverage
• Most coverages are within the primary coverage form
• Triggered by the Declarations page
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Insurance Community University
Review of the AgOP Coverage Form
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Insurance Community University
Policy Structure
• Common Policy Declarations• Agribusiness Property Coverage
Declarations (many)• Common Policy Conditions• Agribusiness Property and Income
Coverage Part• AgOP Endorsements• State Amendatory Endorsements
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Insurance Community University
AgOP Coverage Part AG 0100 0101
• Coverage can be written on a “blanket” (combined limit/category) or “scheduled (brings in the inland marine approach)
• This is one reason the Declarations Page has numerous pages available to specify
• Example; pasture fences which is property not covered—the pasture fences can be scheduled.
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Insurance Community University
Polling Question #3
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Insurance Community University
Polling Question #4
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Insurance Community University
AgOP Coverage Part AG 0100 0101
• Core coverages– Building including residences– Personal property including household
property– Computers– Stock– Mobile Equipment– Builders Risk
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Insurance Community University
Definitions
• The AAIS Forms begin with the definitions
• ISO forms define terms at the end of the forms/endorsements
• All forms that are defined will be in parenthesis throughout the policy
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Insurance Community University
Key Definitions
• Computer hacking• Computer virus• Covered location• Dependent location
– Contributing location– Recipient location– Leader location– Manufacturing location
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Insurance Community University
Key Definitions• Finished stock• Mobile equipment• Pollutant• Perishable stock• Public health authority• Rents• Restoration period• Specified Perils
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Insurance Community University
Coverage Set UP
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Insurance Community University
Property Covered
• Property covered can be covered on a “blanket basis” under the –broad categories or be–“specifically scheduled property”
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Insurance Community University
Property Covered
• Lead in language on Building and Stock, for example will say:– Other than property that is specifically
described on the “declarations” and covered as Specifically Scheduled Property or not specifically excluded on the Declarations
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Insurance Community University
Property Covered
• Building Property• Builders’ Risk Property• Computers• Mobile Equipment• Personal Property
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Insurance Community University
Property Covered
• BUILDING PROPERTY – “covered location”– Including within 1000 feet
• BUILDERS RISK PROPERTY – In Course of Construction subject to above
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Insurance Community University
Property Covered
• COMPUTERS – Scheduled– Blanket
• MOBILE EQUIPMENT – Scheduled– Blanket
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Insurance Community University
Property Covered
• PERSONAL PROPERTY – Other then computers, mobile equipment,
excluded property, stock– TIB– Leased– Property of Others– Household Personal Property
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Insurance Community University
Property Covered
STOCK • Other then specifically scheduled
– Grain, seed, other agricultural products– Raw materials– Goods in process and finished goods– Goods held in storage or for sale– Stock of others in insured’s care– Supplies used in packing or shipping
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Insurance Community University 43
Stock Endorsements
• Hay, Straw & Fodder AG 0136• Mortgaged and Stolen Grain AG0144• Livestock Coverage AG 0140• Poultry Coverage AG 0152
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Insurance Community University
Specifically Scheduled Property • This means property that is specifically
described on the “declarations” as covered property and for which a separate “limit” is shown in the “declarations”.
• Items that are specifically described on the “declarations” and covered as Specifically Scheduled Property will not be subject to “terms” under Property Not Covered that exclude or restrict coverage for the specifically described item.
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Insurance Community University
Polling Question #5
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Insurance Community University
Property Not Covered
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Insurance Community University
Property Not Covered
1. Airborne & Waterborne Property (Supp)
2. Aircraft & Watercraft (Supp)
3. Animals (End)4. Automobiles and
Vehicles(Dec) 5. Contraband6. Crops (Crop Insurance)
7. Exports & Imports (Supp)
8. Fences (schedule)9. Fine Arts (Supp)10. Foundations 11. Furs (Supp)12. Guns (Supp)13. Hay, Straw, or Fodder
(End)
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Insurance Community University 48
Property Not Covered
14. Jewelry, Watches, (Supp)15. Land, Water, and Cost of
Excavation16. Money and Securities (Crime17. Newly Acquired and Newly
Constructed Buildings (Extension)18. Property More Specifically
Insured19. Property of Others (Supp)20. Property You Have Sold
21. Silverware (Supp)22. Trees, Shrubs, Plant,
Lawns (Supp)23. Underground Pipes, Flues
Drains24. Valuable Papers (Supp)
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Insurance Community University
Additional Coverages
• Applicable limits shown on Schedule or Supplemental Dec
• Additional insurance, unless otherwise indicated
• Not subject to coinsurance• Subject to deductible, unless otherwise
indicated
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Insurance Community University
Additional Coverages1. Consequential Loss -
(Incl.) Debris Removal2. Emergency Removal -
(Incl.)3. Emergency Removal
Expense4. Fire Department5. Glass Repair (Incl.)6. Inventory & Appraisal
7. Pollutant Cleanup8. Recharge of Fire
Protection
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Insurance Community University
Coverage Extensions
• Applicable limits shown on Schedule or Supplemental Dec
• Not Additional Insurance• Not subject to coinsurance• Subject to deductible, unless otherwise
indicated
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Insurance Community University
Coverage Extensions
1. Fraud or Deceit -2. Newly Acquired
Computers 3. Newly Acquired,
Constructed Buildings 4. Newly Acquired Mobile
Equipment 5. Personal Effects6. Personal Property
Acquired
7. Property Away8. Stock Acquired
Locations9. Trees, Shrubs, Plants
and
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Insurance Community University
Supplemental Coverages
• Applicable limits shown on Schedule or Supplemental Dec
• Additional insurance• Not subject to coinsurance• Subject to deductible, unless otherwise
indicated
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Insurance Community University
Supplemental Coverages1. Accounts Receivable 2. Brands or Labels Expense 3. Carrier Liability 4. Fine Arts, Furs, Guns,
Jewelry, 5. Loss of Use of Dwellings 6. Ordinance or Law
7. Overseas Transit & Location
8. Property in Transit9. Property on Exhibition10. Property Sold Under
Installment Sales11. Salesmen’s Samples12. Sewer Backup13. Spoilage
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Insurance Community University
Supplemental Coverages
14. Surface Water Run-Off15. Tank Leakage16. Utility Service
Interruption
17. Valuable Papers and Records
18. Watercraft19. Wrongful Delivery of
Liquid Property
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Insurance Community University
Income Coverage
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Insurance Community University
Polling Question #6
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Insurance Community University
Polling Question #7
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Insurance Community University
Income CoverageFour Income Options Available:
– Earnings, Rents, and Extra Expense– Rents and Extra Expense– Earnings and Extra Expense– Extra Expense Only
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Insurance Community University
Earnings Options
• Maximum Period of Indemnity• Monthly Limit of Indemnity
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Insurance Community University
Earnings Coverage
• Loss/expense incurred within 12 months after the date of direct physical loss
• Actual loss of net income (net profit or loss before income taxes)
• Caused by a covered peril• And continuing operating expenses normally
incurred including payroll
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Insurance Community University
Extra Expense Coverage• Necessary during “restoration period” that
you would NOT have incurred if there had not been a loss
• Extra Expense includes Mobile Equipment Rental Reimbursement, subject to a 72 hour waiting period
• Basic Loss of Income Coverage is not otherwise subject to a waiting period
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Insurance Community University
Exclusions and Limitations
1. Finished Stock2. Leases, Licenses, Contracts, Orders3. Mobile Equipment (various requirements)4. Radio and Television Antennas (Dec)5. Software - 60 Days or Longer . . .6. Strikes, Protests, Other Interference
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Insurance Community University
Income Coverage Extensions1. Interruption by Civil Authority –
Up to 30 Days from date of order2. Period of Loss Extension –
Up to 90 Days3. Grain Storage Income –
Up to 90 Days beyond restoration period4. Seasonal Coverage –
Up to 1 Year if that period is longer than restoration period
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Insurance Community University
Additional Income Coverages
• Newly Acquired Locations, Earnings and Extra Expense
• Newly Acquired Locations, Extra Expense
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Insurance Community University
Polling Question #8
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Insurance Community University
Supplemental Income Coverages1. Public Health Shutdown (30 days or
resumption)2. Dependent Locations (Dec limit)3. Utility Service Interruption (Dec limit)4. Contract Penalty (Dec limit)5. Property In Transit, On Exhibition, or In
Custody Of Sales Representatives (Dec limit)
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Insurance Community University
Optional Income Expense Deductions1. Ordinary Payroll Expense can be
excluded on Dec2. Power, Heat, and Refrigeration
Expense can be excluded on Dec
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Insurance Community University
Perils
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Insurance Community University
Polling Question #8
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Insurance Community University
Perils – Covered/Excluded
• Open Perils Coverage– Endorsements that cover hay, livestock, and
poultry provide named perils coverage
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Insurance Community University
Perils Excluded
a. Ordinance or Law (Supp)b. Earth Movement or Volcanic Eruption
(Scheduled EQ AG 0172)c. Civil Authorityd. Nuclear Hazarde. Utility Failure (Supp)f. Warg. Water (End Flood AG 0176)
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Insurance Community University
Perils ExcludedDo not pay for loss or damage if one or more of the following exclusions apply to the loss.a. Animalsb. Collapsec. Computer Virus or Computer Hackingd. Contamination or Deterioratione. Criminal, Fraudulent, Dishonest or Illegal Acts
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Insurance Community University
Perils Excluded
f. Defects, Errors and Omissionsg. Electrical Currents (EB)h. Explosioni. Freezingj. Increased Hazardk. Loss of Use
l. Mechanical Breakdown (EB)
m. Neglectn. Pollutantso. Rain, Snow, Ice or
Sleetp. Seepageq. Settling….
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Insurance Community University
Perils Excluded
r. Smog, Smoke, Vapor, or Gass. Temperature/Humidity (Specified Perils)t. Theft ( for only certain categories)u. Voluntary Partingv. Wear & Tearw. Weatherx. Windstorm or Hail ( for only certain categories)
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Insurance Community University
Additional Property Not Covered or Subject to Limitations
1. Accounts Receivable2. Boilers3. Glassware/Fragile Articles4. Gutters and Downspouts5. Interior of Buildings6. Missing Property7. Tobacco Barns8. Valuable Paper and Records
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Insurance Community University
Other Coverages
• For clarity purposes1. Collapse2. Computer Disturbance3. Electrical Breakdown (EB)4. Ordinance or Law (Dec)5. Tearing Out and Replacing6. Theft Damage—Non owned Property
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Insurance Community University
Valuation
• Dec Page Entries Trigger:1. Actual Cash Value
When Replacement Cost is NOT on DecLimited Replacement Cost ($15,000)
2. Replacement Cost3. Builders Risk4. Stated Amount (suspends coinsurance)
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Insurance Community University
Valuation
5. Fine Art (ACV)6. Glass7. Pair or Set (entire set)8. Loss to Parts9. Property of Others (ACV)
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Insurance Community University
Valuation
10. Special Stock Valuation Terms– ACV– Market Price– Selling Price– Cash Shipping Value– Point of Origin - Imported Stock – Valued Seed, Foundation Seed– Other, as shown on Declarations
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Insurance Community University
How Much We Pay
• Deductible• Peak Season Increase,• Inflation Protection• Coinsurance • Value Reporting• Coinsurance Income
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Insurance Community University
Endorsements
• See attached AAIS current endorsement list
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Insurance Community University
Upcoming ClassesUpcoming University/Paid CE Classes
FREE to University Members$50.00/charge for non university members
12/3 Surety Bonds
12/5 CA Property Valuation
12/10 Crop
12/17 Equine
12/19 & 20th Insight on Errors and Omissions
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THE 2014 CLASS SCHEDULE IS NOW PUBLISHEDSign Up Early!!!
Join the University TODAY. www.insurancecommunitycenter.comClick Join University at the top of the bar