In most instances, it is possible to insure your agency’s exposure to loss under the more common or usual insurance programs such as property, tort liability, vehicle etc. Sometimes, however, the activity or property your agency needs to insure has certain characteristics which make it better suited to a more specialized policy. Such characteristics might include, but are not limited to, the following:
- Coverage under a typical policy is either non-existent, partially excluded or extremely limited.
- The property has a very high value.
- The property or activity is unique to your agency.
- The property and/or its use is very specialized and needs individual pricing.
- There is a high vulnerability to loss or destruction.
- It is subject to loss from unusual hazards.
In these situations, Risk Management Division will first attempt to self insure the activity or property and issue your agency a policy tailored to meet your needs. If we determine that self insurance is not a prudent choice, we will work to transfer the risk via a commercially purchased policy.
It is rare that we are unable to match an insurance need with a proper insurance product. Call us for insurance advice on any situation. If insurance is unavailable, unaffordable or not the best solution, together we can make a good decision on how better to manage that particular risk.