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Exploring the Latest Insurance Options – Tuesday Morning Tidbit
Happy Tuesday dear ADI’ers,
I know that you are probably lamenting the fact that you didn’t get last week’s installment of the “tidbit”, and for that, I apologize. The good news for me and those I am working with is that business got in the way! It was an incredibly busy week and I simply ran out of time and could not post the weekly installment. Ever since the ADI convention and the release of the endorsement from ADI naming me as their recommended insurance agent, things have been WILD!!!!!!!!! Wild in a good way, but wild to be sure.
OK, on to this week’s installment of the “tidbit”!!!! I know that over the course of the last few months I have been telling you about the changing insurance markets, the tighter underwriting guidelines that are being imposed, and the potential difficulty in fitting into a standardized market … but there is hope! Fret not dear reader, InsuranceMan 2.0!!! is here with some good news!
I have recently been in contact with some carriers that are willing to be a bit more flexible, take the time to listen, and really assess each piece of business in order to understand it and make it fit into their desired class of business. With that said, there are a few things that need to be kept in mind. They are asking for at least a 45-day lead time on any piece of business that they are going to look at. What this means is that the carrier is going to want all of the applications submitted to them at least 45 days before your start date of coverage (if you are a new distillery), or in advance of your renewal date (if you are an established distillery with a current policy that you are looking to replace). What this means to you and I is that we really need to start the process at least 60 days in advance, allowing us a few weeks to gather the necessary information, applications, etc., so that we can have everything in to them prior to that 45 day deadline. If we can start the process even further in advance of those 45 days, GREAT! The more time the better in this case.
The other consideration is that if you are an up-and-coming distillery, or doing a build out, or looking to relocate, it is a VERY DESIRABLE ATTRIBUTE (is it clear that I am trying to emphasize this point, or do I need to give a wink 😉 and a nod at this point?!?!??!) to have a separate room or location that is used to store finished product or product that is maturing. This separate room should have a 2-hour fire rating with a fire door, etc. If you do not have a separate room it will not preclude these carriers from considering your distillery insurance, but it will assist in keeping premiums lower as well as “tick the box” in the “more desirable column”. So, this is certainly something to keep in mind.
With all of that said though, if you don’t meet these criteria, again, fret not! If you do not have a separate room, if you do not have 45 days advance of needing coverage, or if you have a setup that is a bit nontraditional, I CAN STILL ASSIST YOU! In fact, check this out … I recently just worked with an incredibly lovely couple that have a system that makes most insurance carriers run away screaming for their lives!!!!!!!!!! Let’s just say that it is not uncommon for insurance carriers to like insurance risks that come with very little risk. In their minds-eye, they want everyone to have a sprinkler system throughout the building (even in the ducts if possible), a separate location for ALL PRODUCT, 24-hour fire rated walls, a location in the city but away from all other buildings, a fire department on site or right next door, blah, blah, blah. All the stuff that we know simply does not exist, but the actuaries desire very little risk for their premium. Well, cue the music as this operation makes a dramatic entrance.
This operation, although they do have a separate storage location, and most of the boxes checked that carriers like to see, they have something that causes carriers to turn their heads away in horror!!!!!! They have … are you ready for this???? Prepare yourselves!!!!!!!!!!!!!!
AN OPEN FIRE STILL !!!!!!!!!!!!!!!!!!!!!!!!
Yeppers! A true open fire still. Even with that, something that shocks and awes insurance carriers and causes them to run in the other direction in a hot panic, I, InsuranceMan 2.0!!! was able to place coverage for them when their current insurance carrier pulled the rug out from under them and told them that they would not renew their coverage. I was able to swoop in with my super-cape heroically flapping in the breeze, scoop them up, and fly them to insurance safety where they could continue to operate their distillery knowing that I was able to provide them with the coverage that they needed with the assurance of the carrier fully understanding their operation and method of heating the still. All in a days work for InsuranceMan 2.0!!!
So no matter your situation, no matter your operation, know that I am the only insurance superhero in the country that will take time to listen, get to know you and your operation, and custom tailor an insurance policy to perfectly fit your needs, just like my supersuit perfectly fits me!!!!!!!!!!!! Until next time dear readers …
Stay Vigilant,
Aaron Linden
a.k.a InsuranceMan 2.0!!!
307-752-5961
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