Forestry
The Price Forbes Forestry team has extensive experience facilitating insurance for the commercial forestry industry, a sector that demands specialist knowledge to place bespoke coverage.
We have excellent
relationships with the prominent London and European forestry insurers,
allowing us to place cover for risks worldwide. Our underwriters have
confidence in our judgement, which enables us to achieve competitive pricing
and gives us the ability to place even the most complicated risks.
Price Forbes formed an MGA, Equinox, with a specialist Forestry division backed by Lloyd’s underwriters, further enhancing our relationship with the market and increasing capacity available to us.
OVERVIEW OF THE COVERAGE:
When Insurers calculate insurance
premiums, the following factors are taken into account:
- The insured events
which are covered
- The Sum Insured
(we have placed limits up to USD75,000,000)
- The excess which
applies
- The type of plantation
- The location of
the plantation
- The surrounding
land use
- Insured’s fire
management resources
- Loss record
Typical perils:
- Fire
- Lightning
- Storm including
windstorm, snow, weight of snow and ice, hail, sleet, rain, dust and/or all
other forms of precipitation
- Malicious damage
(sub limited)
- Impact by a road
or rail vehicle
- Impact by an
aircraft or anything dropped, ejected or sprayed from an aircraft, other than
chemicals
Possible extensions and benefits:
- Reinstatement of
limits
- Claims preparation
costs
- Firefighting
expenses
- Harvested timber
cover
- Fire mitigation
expenses
- Replanting costs
- Removal of debris
Possible additional covers:
- Stock throughput
- Seedlings
- Property (e.g. saw
mills, warehouses, processing plants, greenhouse)
- Liability
- Plant / Fleet
motor
- Any act of terrorism
Typical exclusions:
- War or warlike
activities
- Anything nuclear
or radioactive
- A deliberate act
carried out by You or by any person acting with Your permission, except when it
is to avoid or reduce damage that would otherwise happen
- Lawful seizure,
confiscation or requisition by an order of any Government, Public or Local
Authority
This
coverage will not typically pay for:
- Consequential loss
of any kind
- Any loss which is
caused by pests, fungus or disease, including diplodia, regardless of whether
the pests, fungus or disease occurred as a result of an insured event