Aug 312015

Shellfish Farm Insurance Property Coverage

Property Coverage for Shellfish FarmsDuncan and Associates Insurance Brokers offers insurance for Shellfish Farms throughout the United States including specialized protection for buildings and equipment.

Call us at 800-228-8291 to speak with our licensed agents or request an online quote by clicking Property Coverage for Shellfish Farms.

How to Insure Your Buildings & Equipment Properly.

The key to success to insuring your property and buildings correctly is paying special attention to the coverage form, the amount of coverage that you purchase, and if you choose to cover your equipment or buildings as a blanket amount of insurance protection or you can choose to schedule your buildings and equipment individually per location.

There are advantages and disadvantages to taking either step. One of our licensed Shellfish Farm insurance agents will discuss with you the various options available to you based on your needs.

Call us at 800-228-8291 or click on Shellfish Property Insurance Coverage.

Typical Property Coverage Forms Available. 

There are three different types of coverage forms you can choose starting with the basic, broad, and special coverage form.

The basic coverage form extends insurance protection for claims events that are named in the policy. Sometimes these are referred to as covered causes of loss or named perils.

Unfortunately it may not be widely understood by shellfish farming operations what the exact difference is between the coverage forms and inadvertently choosing the wrong coverage form may cost your business a significant amount of money out of pocket.

For Example: One aquatic farmer, Marty Law, decides he needs to trim his insurance expenses and calls his agent to ask him to reduce his coverage from the special policy form to the basic form.

Marty’s agent tries to talk him out of reducing his coverage due to the limited number of perils covered by this policy form.  Last year’s poor harvest and the lack of surplus funds make up Marty’s mind and he switches from the Special Policy Form to the Basic Form.

On a Saturday evening a problem at a relay station occurs causing a spike or power surge and $25,000 worth of Marty’s equipment is damaged because of the power surge.

The $300 Marty saved at the time seemed like a good idea but now Marty must take a loan out so he may repair his equipment that was not covered by the Basic Policy Form.

Property Coverage for Shellfish Farms Is More Complicated Than the Price You Pay! 

One of our licensed agents specializing in Shellfish Farm Insurance can help you develop a coverage plan that will meet your individual needs.

Call us at 800-228-8291 or send us your request for quotes when you click on Shellfish Property Insurance Coverage. 

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