New Irrigation Market (TX, KS, NE & CO)

Aegis Agribusiness Division Logo

We are pleased to share that our longtime irrigation partner, Mid-America Risk Managers (MARM), now known as Aegis General Insurance Agency Agribusiness Division (Aegis Agribusiness), has implemented a new carrier agreement with Accelerant to provide replacement cost irrigation coverage.

Please see below for a run-down of the new program. We will share additional information as we receive it.

As always, if you have questions or concerns, please contact Shannon Thompson, shannon@stroudga.com.

 

States:

TX, KS, NE, CO, MO & IA

The states of MO & IA were added effective March 1, 2024 with additional states to follow.

 

Policy Features:

Special perils, including flood, collapse, collision, theft and earthquake

Replacement cost loss settlements – no depreciation on a partial loss – Full payment on total loss up to the policy amount of scheduled coverage

Mechanical and electrical failure

No age restrictions

Standardized per occurrence deductible on all covered losses

Consequential Loss Endorsement – optional coverage providing an additional $5,000 limit per pivot in the event of a total loss. Premium charge is $75 per pivot.

 

Additional Information:

This program is written non-admitted through Accelerant Specialty Insurance Company, an A- IX (Excellent) Financial Strength Rated carrier from A.M. Best.

 Aegis Agribusiness quotes / issued policies will show a breakdown of:

  • Premium;
  • Surplus Lines taxes and Fees; and
  • Total Estimated Annual Cost.

Aegis Agribusiness will be the licensed surplus lines producer, will collect the annual estimated cost from the insured and remit the Surplus Lines taxes to the states.

 

Quoting:

Quoting and binding will be handled with Shannon Thompson, shannon@stroudga.com.

For existing MARM clients, Aegis Agribusiness will automatically quote coverage with Accelerant for policies with effective dates in December based on the existing information in their underwriting file.

For new business (clients without existing MARM coverage), the following requirements will be needed:

  • Signed Aegis Agribusiness Inland Marine Application (see: Agent Tools)
  • 5 Year Loss History

 

Binding:

For existing MARM clients who wish to bind coverage with Accelerant, the following requirements will be needed:

  • Signed Aegis Agribusiness Inland Marine Application (see: Agent Tools)
  • Signed Terrorism Risk Insurance Act (TRIA) Form
  • Premium Payment (see instructions below)

 

For new business (clients without existing MARM coverage), the following requirements will be needed:

  • Signed Terrorism Risk Insurance Act (TRIA) Form
  • Premium Payment (see instructions below)

 

Claims:

Claims will be handled with Shannon Thompson, shannon@stroudga.com.

K2 Claims Services, LLC, a sister company to Aegis Agribusiness, will be the designated third-party claims administrator for the program. With a deep knowledge and understanding of the agribusiness industry, K2 Claims is experienced in handling claims unique to this class.

 

Update date: February 12, 2024