FAQ
Please review some of our Frequently Asked Questions or contact us today for further assistance.
What types of trees, plants and shrubs will be considered for insurance?
Virtually every tree, plant, shrub, flower or vine. All live assets will be considered for coverage.
What is the insurance period?
Coverage begins after acceptance of the quote and ends at the earliest of either the expiration date of the one year policy, the date of final adjustment of a loss when total indemnities due equal the amount of insurance or when the removal of bare root plants from the field or plant material (container) from the nursery.
What is Live Asset Insurance?
Live asset insurance is designed to protect live assets: trees, shrubs, plants, and vines against risk of loss due to covered perils.
What does the insurance cover?
Fire (including brush areas), lightning, explosion, hail, windstorm, smoke, aircraft, vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole, volcanic action, falling objects, freeze, weight of ice-snow-sleet, water damage(limitations), theft, flood (except in flood zones A & V), and earth movement (quake) except in California.
How much coverage is available?
$10,000,000 per policy. $100,000 per tree and $1,000 per shrub or bush, $500 for any one plant (larger limits are available on a case by case basis). Multiple locations can be insured up to 10 million per location for the total at risk amount. We recently wrote insurance coverage on multiple locations with 72 million in values at risk.
Is debris removal included?
Yes, debris removal is built into the policy and is included in the coverage amount selected, but the policy does have a limit of $50,000 debris removal per loss. However, debris removal limits can be increased up to 50% of the live asset policy limit for an additional premium. In addition, the cost of installation for replacement stock is also included.
Is there a deductible?
Yes, the minimum deductible is $10,000. The deductible can be raised to lower the cost.
What is the premium?
The minimum premium is $5,000. Premiums are based on the value at risk as well as the location and deductible charged. There are also taxes and fees included as additional cost.
Who is writing the policy?
We place the coverage with a large internationally recognized insurance company that is “A rated” (excellent) by A.M. Best. Please call me directly to learn more about the company at (800) 644-0178.
Will my local insurance agent or broker be able to access the insurance for me?
Yes. They will be able to sell the coverage to you and any other client that has a large live asset exposure.
Do you offer insurance agents or broker’s compensation?
We do if the producer is licensed, and in good standing with the insurance department in the state. Click on the producer tab for more information.
Who should buy this coverage?
Arboretums, botanical gardens, builders and developers, colleges, universities or municipalities with a landscape exposure, golf courses, homeowner associations, nurseries, office parks, tree farms and anyone else who wants to replace their destroyed living asset with another asset of a like, kind and quality or have insurance proceeds pay for the replacement of the destroyed live asset.
What states do you write coverage?
Our target clients are located in the following 18 states:
Current states:
AL, AR, AZ, CA, CO, GA, KY, LA, MS, NC, NM, NV, OK, OR, SC, TN, TX, UT, VA
All other states will be added soon.
When will the rest of the country have the protection?
We hope to have the remaining contiguous states on line in early 09 or earlier based on the volume of new business.
What is needed to get a proposal?
Fill out the contact information so a representative can call you to discuss your needs.
How quickly can we get a proposal?
Usually within 1 to 3 business days.
How quickly can a policy be issued?
Usually between 1 to 3 business days.
What happens after a policy is issued?
An inspection is ordered from our valuation partner HMI who will verify that what is on the application/policy is what you wanted to insure. If we find that there is more or less value than requested, the policy will be endorsed up or down, and the premium will be adjusted.
Do we renew the coverage each year?
Yes, this is an annual policy. The policy is non auditable so any change in stock will need to be addressed at the time of renewal.
Will the policy pay for the full replacement of my live assets?
If a covered peril destroys your asset our policy pays for the replacement of your asset with a like kind and quality replacement, less the deductible. Other claim settlement options are available.
Can you give me an example of a claim?
Yes. If you owned a signature tree (a 40 foot sugar maple tree) and the weight of ice and snow caused the tree to fall to the ground, or the ground was saturated from weeks of rain and the winds picked up and blew the tree over, we would pay for the removal of the fallen tree, pay to install a new 40 foot sugar maple with the diameter of what was there before, subject to a deductible. If you choose to replace with two 20 foot trees, that can be discussed at the time of loss.
Do you require loss information?
Yes, 3 years currently valued loss runs.
Can you insure other property besides the live asset stock?
Yes, we can insure buildings and equipment associated to the operations. We can also insure the transit exposure while moving the inventory to distribution locations. Our primary goal is to write live asset coverage.
Do you write other types of insurance?
Yes, Live Asset Insurance is a division of The JLS Group, Inc. a 100 year old national insurance broker that is licensed in all 50 states, including Washington D.C and Puerto Rico. We are able to write insurance for all risks in all 50 states. The JLS Group, Inc. is an independent member of the BDO Seidman Alliance.
Do you compete with our existing brokers for our business insurance?
No. Our goal is to work together with your existing broker if that is what you want. We are able to write the policy directly but we are not interested in creating an adversarial relationship with brokers. We want your broker to think of us for all live asset insurance opportunities.
Do you offer payment options?
Yes. We offer 15% deposit with ten equal monthly installments with a below industry average interest rate.
Are there any discounts available?
Yes. We offer an upfront 10% discount to all ANLA members.
