Planting the seeds for future growth

Busby-Stone Risk Management works its way from the roots up to assist you in developing a strong risk management program. Our proprietary risk management strategies proactively allocate risk to those contractors and vendors you hire to construct, maintain and supply your facilities and farming operations. Our Agribusiness and Farm Insurance Specialists (AFIS™) will design insurance policies to trigger coverage when you need it the most.

First Steps of Agribusiness Risk Services

These are the basic steps we take at the beginning our relationships:

  1. We begin by reviewing the five steps of the risk management process.
  2. Risk Identification includes:
  3. Reviewing our Agribusiness checklists that provide us with historical premium basis for each line of insurance coverage e.g. section, township, range, and acres, payroll and sales.
  4. Visiting each of your facilities, and the land where you grow your crops. This allows us to understand context of telephone conversations and meetings away from each location.
  5. Create a statement of values that include buildings, personal property, inventory, shook etc.
  6. Site visits of each facility to measure the square footage, construction type, protection-class and photographs. We have relationships with several well-known contractors that specialize in new construction and remodeling of cold storage and other classes of buildings owned by growers, packers and shippers and determine a current replacement cost value. This makes for smoother loss adjustments following a claim.
  7. Included in the statement of values is an inventory of all specialized equipment within the buildings, refrigeration, electrical panels, packing and conveying systems. Photographs, name, capacity, serial numbers. We will make every effort to assure the proper valuations are used so that you are properly insuring the equipment.
  8. We will contact manufacturers of the equipment and discuss the timing of re-building specialized equipment including expediting expenses for rushed orders due to unexpected damage by covered perils.
  9. We review your financial statement that can oftentimes reveal assets not discussed during interviews and assist in determining appropriate policy limits.
  10. We take all the information we gain during these exercises and we organize the information in our “Renewal Workbook”. This is a working document that is updated annually and reviewed in person with you. It includes: vehicle schedules, farm equipment schedules, statement of values, coverage comparisons for each insurance policy included in your program, historical loss data, an actuarial study, triangulation of claim costs carefully analyzed, and finally all communications with underwriters that participated in the premium bid for our carefully designed insurance program.
  11. We are connected directly to a service that gives us immediate access to motor vehicle records. We will provide you with the proper forms that should be signed by each person for whom a motor vehicle record is being requested.
  12. Vehicle ID cards will be delivered at least one week before policy expiration giving your staff time to place in each vehicle.
  13. We will need a list of every company and contractor you purchase goods and services from including their company’s name, contact information including name and email address, telephone number. This information is needed for our Contractual Risk Allocation and Transfer Services, if you have chosen to purchase those services.