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CASE STUDY: Large Commercial Dairy Farm
Ensuring better coverage and less risk for a commercial dairy.
RiskIMPACT™: $3 million in uncovered stock and property, improved coverage levels, reduced premium expenses
During the policy renewal process, it’s easy to get caught up in the quoting game. Unfortunately, there are a number of businesses that end up with inadequate coverage after years of brokers quoting and re-quoting from the same old numbers. That’s exactly what Gibraltar’s dairy industry experts found when a large commercial dairy farm came to us with a general feeling their insurance had been mishandled.
During our initial analysis, we identified $3 million in uncovered stock and property. Since the organization’s line of credit minimums had been met, there was no apparent need for revision. A large storm or fire could’ve reduced the dairy’s operating capital below a working level and forced the dairyman to sell his business.
We understand the difficulties posed by today’s banking environment and we know how to help keep a dairy in business. Gibraltar’s RiskIMPACT™ approach looked at this dairy holistically and figured out how to protect its interests without hurting the bottom line. In addition, ongoing evaluation and review allowed us to capitalize on changes in feed practices to reduce the premium expense in the second year of our relationship, even though the dairy was significantly better protected than before.