Nursery & Greenhouse Insurance Program Case Study
Client – Regional Nursery (Southeastern US)
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Background of Challenges for Nurseries and Greenhouses
Wind storms including hurricanes and tornados along with severe freeze are natural disasters that most growers have had at one time or another. Our client is a regional nursery in North Carolina. In light of the sub-freezing temperatures that effected many growers earlier in 2007, and other unusual weather events, live asset protection became a top priority for the nursery owners and for ANLA (The American Nursery & Landscape Association) and their members.
Nursery & Greenhouse Insurance Challenge
Our client was self insuring $72,000,000 worth of live asset inventory. There were 9 nursery and greenhouse locations with 8 million in value at each location. The nursery had a mix of (PIP) pot –in –pot, containerized and field grown inventory. Due to severe climate fluctuations continuing to self insure 72 million worth of live assets was no longer a viable option for the grower or their lenders.
Solution - Nursery Insurance for Freeze, Wind, Hail, Fire, Lightning, Weight of Ice & Snow
Fortunately the nursery owners discovered our Nursery & Greenhouse Insurance policy before anything catastrophic happened to their live asset inventory. We wrote a comprehensive insurance policy including but not limited to freeze, wind, hail, fire, lightning, weight of ice and snow.
The "peace of mind" that was delivered along with the $72,000,000 dollar Nursery & Greenhouse Insurance policy was tangible. Transferring the risk at an affordable price to an internationally recognized "A" rated insurance company was a far better risk management strategy than self insurance.
Working with ANLA, we know that all plants are not created equal. While Live Asset Insurance covers replacement with like, kind and quality, we recognize that your way of growing represents a commitment to your customers. Live Asset Insurance can help to reestablish your nursery with replacement liners to get you back in business as an alternative to “like, kind and quality” claim settlement process.
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