Agritourism 101 Workshop Overcoming the Insurance Barriers Related to an Agritourism Business.

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Presentation transcript:

Agritourism 101 Workshop Overcoming the Insurance Barriers Related to an Agritourism Business

Risk Management Process Identify and Analyze Loss Exposures Examine Feasibility of alternative Techniques Select Apparent Best Technique Implement the Chosen Technique Monitor and Improve the Risk Management Program

Identification Types of Exposures 1. Property 2. Liability 3. Personnel 4. Net Income Methods of Indentifying Exposures 1. Surveys 2. Loss histories 3. Financial Statements 4. Records and files 5. Personal inspections 6. Experts 7. Flowcharts

Analysis of Risk Organizational Objectives 1. Profit 2. Continuous operation 3. Stable earnings 4. Growth 5. Humanitarian concerns 6. Legal requirements Significance 1. Loss frequency 2. Loss severity

Alternative Techniques for Handling Risks Risk Control Risk Financing

Risk Control to Stop Losses Exposure Avoidance Loss prevention Loss reduction Segregation of exposures – Separation – Duplication Contractual transfer for risk control

Risk Financing to Pay for Losses Retention 1. Current expensing of losses 2. Unfunded reserve 3. Funded reserves 4. Borrowing 5. Captive insurer Transfer 1. Contractual transfer for risk financing 2. Commercial insurance 3. Hedging (business risk)

Agritourism Liability vs. Farm GL Exposures never contemplated by insurance companies Agribusiness application fails to ask for information concerning agritourism exposures Undisclosed Agribusiness events

NC Session Law NC Limited Liability Law Law may not protect against all liability exposures Overview of Law

Insurance Company View on Agritourism/Special Events Coverage Insurance companies and the rating of exposures are geared to traditional agricultural exposures Standard insurance companies are not confident they are receiving adequate premium for the exposure

Pricing Considerations – Premium Based on Exposure Total revenue from agritourism event Total number of participants Total number of days Products liability exposures

Proper Risk Management of Agritourism Exposures - Are you prepared for: Crowd control Traffic flow Exposure of unattended children Sufficient staffing Hygiene issues Protection of equipment, supplies, animals and staff

Key Considerations for Dealing with Agritourism Risks Expect the unexpected Attention to detail Assess operation from beginning to end to ensure attendees ’ enjoyment and safety Assess operation from customers ’ point to view to anticipate problems Utilize well-trained staff Have emergency plan in place, including first aide on site

J. Dal Snipes, CIC Snipes Insurance Services, Inc. PO Box 1165 Dunn, North Carolina Phone: Website:

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