The Fair Credit Reporting Act was put in place by Congress in 1970 to protect consumer’s rights. It applies to any financial institution that is requesting information on a consumer through credit reporting or other consumer reports. The entire Act contains a lot of information and is very extensive, but, the following pertains to insurance companies and the rules and regulations they must follow to protect consumers. 

oregon fair credit reporting act 1970

 

  1. If the insurance company wants to pursue an investigative consumer report, the consumer must provide authorization and be notified within 3 days of an initial request that the report was requested. An investigative consumer report is done through personal interviews with an applicant’s friends, neighbors, acquaintances, business assoc., etc. and this process must be disclosed to the applicant/consumer.  The purpose is to determine the applicant’s character, personal characteristics, general reputation, and the way they live.
  2. Applicant must be notified of their right to the disclosure of the nature and extent of the investigation.  If requested by the consumer, the insurer requesting the report must provide a summary to the applicant relative to the nature and scope of the investigation within 5 days of request.
  3. If the app for insurance is rejected by the insurance company, based on info obtained through an inspection or credit report, the insurance company must provide the applicant with the name of the reporting agency. 
  4. If requested by the consumer, the reporting agency must disclose to the consumer the nature and substance of all information (excluding credit scores) contained in the individual’s file at the time of request. 
  5. If the consumer disagrees with the info found in the report, he or she may request a re-investigation relating to disputed information.  The reporting agency must re-investigate free of charge.  If the reporting agency is unable to verify disputed information within 30 days, the reporting agency must promptly remove the disputed information from the file. If disputed info is NOT removed from the file, the consumer has the right to submit a letter of dispute relating to the report. The letter of dispute must then accompany any subsequent report requested. 

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

When you are an owner of a hemp or cannabis business, you figure you’ve got so much hemp insurance, why would you need more?  You probably purchased all the policies your business mandates that include Property Insurance, Worker’s Comp, Business Income Coverage, Product Liability, General Liability, etc. 

Why would you possibly need product liability insurance for your cannabis business? You could assume that your business is covered under another business’ product liability policy. 

Product liability is a substantial coverage gap in the successful operation of your hemp or cannabis business. 

hemp product insurance graybeal group

Importance of Having Hemp Product Liability Insurance

All cannabis businesses involved in the supply chain – from business owners to wholesalers and distributors – are advised to have their own product liability insurance. Strict liability doctrine makes your business legally vulnerable if your business permitted a dangerous or defective product to enter the market. 

There are many problems that can surface with respect to a cannabis crop. They include drought to application of the wrong pesticide concentration, which makes it unusable. These mistakes can cost wholesalers and distributors major losses. 

If there is a shortage of cannabis product, your hemp business might have to fill your orders through other suppliers. The risk comes in when a new supplier is not aware of the state requirements and the integrity of the hemp is undermined. Product liability coverage will protect you from both the actual product and the equipment used like vape cartridges, lighters, and batteries. 

 

Product Liability Coverage Extends to Product Quality

Having product liability insurance will serve to cover you from liability if there are issues with the quality of the hemp – at any step of the way. For example, if a product is sold in edible form, food poisoning could happen or illness from ingestion. When it comes to products that are smoked, you’re contending with potential health hazards as a result of long-term exposure to contaminants that could be present in the product. This could occur from mislabeling or other errors. This additional hemp insurance – product liability – covers your business from legal actions stemming from product contamination. 

 

Additionally Insured on Another Business’ Product Liability Insurance Not Adequate

Your hemp business is still exposed to potential legal action even if you are an additional insured on another business’ product liability policy. 

States like Washington require cannabis businesses to have Commercial General Liability with limits of at minimum $1 million. Subsequent to a series of uninsured product liability claims, Washington state changed its insurance requirements for licensees by requiring they buy product liability insurance under WAC 314-55-082. 

This stipulates that a licensee’s insurance is mandated to cover bodily injury that includes disease, illness and death and property damage. These issues could result from the licensee’s premise or operations, products, and personal injury. 

 

Dispensaries and Retail Operations Require Product Liability Insurance 

While dispensary and retail outlets typically would rather not carry their own product liability insurance, it is not legally sufficient to be covered as an additional insured. 

There is significant legal exposure to various parties along the cannabis supply chain when it comes to lawsuits. Strict liability permits plaintiffs to sue every party that was involved in allowing a dangerous product to enter the possession of a consumer. 

Washington state amended their statutes to make it clear that retailers are required to obtain their own product liability hemp insurance. 

 

Ways to Protect Your Business Against Product Liability Claims

First, be aware of Health Hazard Exclusions, which include: 

  • You should have product liability insurance for your business, despite being listed on a processor or manufacturers policy as an additional insured. Policy limits can be quickly exhausted in product liability claims. Unpaid portions are the responsibility of your business. 
  • Cannabis industry insurance policies are frequently written through non-admitted insurance companies. These non-admitted insurers have ample leeway on how exclusive they make their product liability coverage. 

 

What Does a Health Hazard Exclusion Mean?

Health Hazard Exclusion translates into your insurance not applying to any claim or suit for injury or damage in any way related to hemp, cannabis, or marijuana. This represents a significant risk for hemp and cannabis business owners. 

 

Make Sure Your Product Liability Coverage Includes Product Recalls

A vast majority of insurers provide your business the choice to buy product recall coverage limits. However, it’s not required. As a business owner, it is important to purchase limits for product recall, or you will float the bill when getting products returned from consumers. 

 

Put Together a Product Recall Plan Before You Have a Loss

Make sure you develop a well thought out recall strategy before you need it. Refer to state laws, and put together comprehensive distribution lists to determine when and where a product has been sent. Then craft a quick response to contaminated products. Be sure you record each step you take to ensure your recall is successful. 

 

Review Your Policy Every Year

It is important that you conduct an annual review of your product liability insurance policy and speak with outside legal council if you think your policy is inadequate. You want to be knowledgeable of the exact policy language in your product liability hemp insurance so you are always clear on the extent of your coverage. 

Learn more about how the USDA plans to extend crop insurance to hemp.

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

An uninsured vehicle in Oregon is a vehicle that meets any of the following criteria: 

  • The vehicle is operated by a hit and run driver, where the insured is unable to identify the driver of the vehicle 
  • No liability policy is in place at the time the accident occurs
  • Or the auto has liability coverage, but the coverage is not enough to meet Oregon’s standard requirement
  • If the other driver’s insurance company denies their coverage or the insurance company is or is going bankrupt

uninsured vehicle insurance graybeal group inc

WHAT IS NOT COVERED WHEN IN AN ACCIDENT WITH AN UNINSURED DRIVER IN OREGON: 

  • Using an auto without the reasonable belief he or she is allowed/entitled to (Does NOT apply to family members using a covered auto owned by the insured)
  • Using an auto for public use/livery conveyance, unless it’s a shared car pool
  • If accident while an INSURED is driving or is struck by another one of THEIR autos that is NOT covered in the policy
  • If a family sustains bodily injury while occupying or struck by the named insured that has primary coverage under another policy (then that policy will pay it)
  • If a bodily injury claim is settled without the insurance company’s consent
  • If bodily injury occurs and it’s already covered by a workers compensation policy or disability benefits law
  • Doesn’t cover/pay for punitive or exemplary damages (Punitive damages, also known as exemplary damages, may be awarded by the trier of fact (a jury or a judge, if a jury trial was waived) in addition to actual damages, which compensate a plaintiff for the losses suffered due to the harm caused by the defendant)

OREGON REQUIREMENTS FOR UNINSURED MOTORISTS

The insurance company is required to provide uninsured motorist coverage for bodily injury in an amount equal to the policy’s limit for bodily injury liability coverage unless the named insured asks for lower limits in writing. 

If the named insured requests lower limits in writing to the insurance company, the following must happen: 

  • They must get a signed statement from the insured acknowledging that he or she was offered coverage with limits equal to his or her bodily injury liability limits and this statement must contain a brief summary of uninsured/under-insured motorist coverage actually provides.
  • Provide a premium comparison with the limits equal to the insured’s bodily injury liability limits and the requested lower limits

To find out about what kind of auto insurance coverage options are offered by Graybeal Group Inc., and protect yourself from uninsured motorists!

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch.

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

Worker’s compensation insurance was created to protect companies from being sued by injured employees. The benefits of Worker’s Compensation are offered to an injured employee. However, the employee must have been injured on the job due to job-related activities. Also, they are covered if they succumb to an illness that is job-related in its cause.

worker's compensation insurance oregon

WORKER’S COMPENSATION PROVIDES FOUR (PRINCIPAL) BENEFITS: 

  1. Disability income benefits
  2. Medical benefits
  3. Death/Survivor benefits
  4. Rehabilitation benefits

MEDICAL BENEFITS

Medical benefits will cover the cost for most medical treatment. These are generally paid 100%. 

DISABILITY INCOME BENEFITS

There is a 3 day waiting period in Oregon for Disability Income Benefits to kick in. Other states may have a different waiting period, but, typically it’s 2 to 7 days. Once the waiting period is passed, the benefits will be paid retroactively and the employee will continue to receive a weekly check based on a percentage of their earnings. There are four classifications of disability, based upon the degree of disability. 

  1. Permanent Total: Complete and total loss of the ability to perform a gainful/suitable occupation.
  2. Temporary Total: A total disability that will last for a short period, after which the employee can return to full employment.
  3. Permanent Partial: A disability that results in a partial loss of earning power or limits the employee’s overall capabilities.
  4. Temporary Partial: A temporary limitation in work capabilities that may require the employee be placed on light duty for a period of time. 

The amount payable from this benefit is based on the degree of disability and the length of time the disability is expected to last. 

DEATH/SURVIVOR BENEFITS

There are two types of benefits that are paid under this.  One is a burial allowance and the other is monthly income benefits to eligible survivors. 

  1. The burial allowance is paid in a lump sum. The amount is based on a multiple of the employee’s weekly earnings. 
  2. A monthly income benefit is paid to the deceased’s spouse and/or dependent children, which is all dependent on the employee’s earnings and rationed proportionately to each family member.  

The spouse benefit is paid for life, unless the person gets remarried. The children’s benefit is up to a specified age, typically 18, unless there’s other circumstances (higher education, etc.)

REHABILITATION BENEFITS

These benefits are offered to restore a person to a position of productive employment. In addition to rehabilitation services, the disabled worker may be compensated for necessary cost associated with rehabilitation, room/board, travel, equipment, and books. Generally, any justifiable expense will be paid under rehabilitation benefits. 

To read more about Oregon Worker’s Compensation Insurance specifically, please click here (it will take you to Oregon WC specific article- happy reading!)

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing in Oregon

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523. 

Liability Insurance is purchased by consumers to protect themselves against their own negligent acts towards others that result in bodily injury or property damage. A person may be determined liable to another because of an act that damages a person or property of another, referred to as a “tort”. A tort is a civil wrong that violates the rights of another. A tort could be done on purpose, or unintentionally. 

The only type of tort that may be insured is the unintentional type.  It is defined as an individual action (or failure to act) as a reasonably prudent person would act given similar circumstances. A reasonable person can be defined by the standards of his/her profession or by the level of education and training, give the age and background of the individual. Also, an unintentional tort is commonly referred to as a negligent act or negligence. 

Negligence: The lack of reasonable care that is required to protect others from the unreasonable chance of harm.

In order to establish negligence, four things must be present :

  • A breach of legal duty has occurred
  • A legal duty must be owed
  • A proximate cause that 
  • Results in damage to another, property damage or bodily injury.

Legal duty varies based on the situation or circumstance, however, the “prudent person” rule generally prevails, which is defined as that degree of care imposed on one person as it relates to the protection of property and/or rights of others.  Failing to do so can result in a breach of that legal duty. 

The duty owed by one person to another may be expressed as the degree or standard of care imposed, given the situation. A property owner owes the greatest degree of care to someone he/she invites onto the property for their (the property owner) own benefit. A lesser degree of care is given if the person is say, a licensee. Someone who has permission by the owner to be on the property, but, the benefit is theirs (the licensee’s). The very lowest degree of care is in regards to a trespassing individual. 

Proximate cause is an unbroken chain of events that results in a loss, bodily injury, or property damage. The sequence is unbroken by any other factors or events and would not have occurred, except for the sequence of events. An example of this would be someone falling asleep at the wheel, therefore, veering into oncoming traffic and causing an accident. 

liability insurance graybeal group

Property damage or bodily injury caused by one person to another can result in a monetary award to compensate the injured party. Monetary awards fall under two different categories.

Compensatory: To reimburse the injured party for losses that were actually sustained. The two subtypes of compensatory award are;

-Special Damage Award: Involves the actual expense resulting from the loss, including medical expenses, lost earnings, funeral expenses, and the costs to repair or replace damaged property, when applicable

-General Damage Award: Made to compensate the injured party for issues such as pain and suffering. 

Punitive: To punish. A court may award punitive damages as a means of punishment if it believes damage or injury inflicted was maliciously or willfully imposed. Punitive damages are also awarded as a means of making an example of the defendant, essentially to discourage others from behaving in the same manner.

For more information regarding general liability insurance, click here!

Graybeal Group, Inc. Offers Widest Range of Products and Pricing in Oregon

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

Commercial Auto Insurance has five different sections: Covered Autos, Liability Coverage(s), Physical Damage Coverage(s), Conditions, and Definitions. You will find these all inside your policy agreement. This type of policy can be written as a stand-alone policy or included in Commercial Package Policy.  Today, we will be discussing Section I- Covered Autos.

graybeal group commercial auto insurance

WHAT AUTOS ARE COVERED IN A COMMERCIAL AUTO INSURANCE POLICY? 

The following Autos are ones that may be covered in a Commercial Auto Policy:

  1. Any “Auto”
  2. Owned “Autos” Only- Only those autos you own. Even autos you purchase/acquire after your policy has started. Also, if you use a non-owned trailer, but, it’s attached to a vehicle you own that’s covered- the trailer is covered in this case as well. 
  3. Owned Private Passenger “Autos” Only- The private passenger autos you own- including ones acquired after the policy began. 
  4. Owned “Autos” other than private passenger “Autos” Only- Only those “Autos” you own that are not of the private passenger type, also, again, including autos you acquire after the policy began. And non-owned trailers pulled by your owned vehicle that’s covered (trailers are covered in this case)
  5. Owned “Autos” Subject to No Fault- The autos you own that are required to have No-Fault benefits in the state where they are licensed or principally garaged. This includes those autos you acquire after policy began provided they are required to have no-fault benefits also.
  6. Owned “Autos” subject to an Uninsured Motorist Law- Only those autos you own that because of the law in the state where they are licensed or principally garaged are required to have and can’t reject the uninsured motorist coverage. Again, if you acquire an auto that is subject to this law after policy begins, it is covered. 
  7. Specifically Described Autos- Only those autos described in the Declarations for which a premium charge is shown and also for non-owned trailers attached to covered auto.
  8. Hired “Autos” Only- Only those autos you lease, hire, rent or borrow. This does not include any auto you lease, hire, rent or borrow from any of your employees, partners (if you are a partnership) members (if you are an LLC) or members of their household. 
  9. Non-owned Autos Only- Only those autos you don’t own, lease, rent or borrow that’re used in connection with your business. This includes “autos” owned by your “employees”, partners (if you are a partnership), members (if you are a limited liability company) or members of their households but only while used in your business or your personal affairs.

If an auto is not specifically described, newly acquired autos are automatically covered for the remainder of the policy period. For a specifically described auto a newly acquired auto will be considered a covered auto only if: 

  1. Insurance companies covers all autos the insured owns for that coverage or it replaces an auto that had that coverage. 
  2. The insured informs the insurer within 30 days of acquisition.

FOR OREGON BUSINESS AUTO INSURANCE, THE FOLLOWING INSTANCES ARE EXCLUDED FROM COVERAGE: 

  1. Nuclear Hazard: The explosion of any weapon employing atomic fission or fusion; or nuclear reaction or radiation, or radioactive contamination, caused by anything.
  2. Military/War Action: War- whether it’s declared or not, civil war, 
  3. Loss that was not Accidental: Freezing, electrical or mechanical breakdown, wear and tear. Any kind of blowout, puncture, or damage to tires. 
  4. Equipment that receives sound (Inc accessories): Visual, audio, data electronic devices designed to be used with that type of equipment (tapes, discs, etc) If the equipment is permanently installed in the covered auto and operated from the auto’s electrical system, it will be covered. 
  5. Electrical Equipment: Any electronic equipment, whether permanently installed or not, that receives/transmits audio/visual/data signals that’s not designed to just reproduce sound, including accessories. The exception here is equipment that’s necessary for the normal operation of the covered auto or the monitoring of the covered auto’s operating system, etc. 
  6. Radar/Laser Detectors: Devices designed to detect equipment that measures speed, such as laser or radar detectors, or any device used to distort the speed measuring equipment.
  7. Stunt Activity/Racing/Demolition: If the auto is used in any type of professional racing contest, demolition contest, or stunt activities. Also not covered during practice or prep for any of these activities.

COMPREHENSIVE COVERAGE:

Comprehensive coverage in Oregon covers anything that is not specifically excluded from the policy, except a collision with another object or overturned vehicle. Also, if the insured carries coverage for glass breakage under Comprehensive they will be covered if they hit an animal, or if they experience damage due to a falling object or missile. One thing to consider- if the glass breaks due to a collision, it may be covered under Collision Coverage. 

BUSINESS AUTO COVERAGE IN OREGON – SPECIFIED LOSSES THAT ARE COVERED: 

  • Fire
  • Lightning
  • Explosion
  • Theft
  • Windstorm
  • Hail
  • Earthquake
  • Flood
  • Mischief
  • Vandalism
  • Sinking
  • Burning
  • Collison
  • Derailment of anything transporting a covered vehicle

This coverage is not as all-inclusive as Comprehensive Coverage- it specifies the losses/damage it covers- if it is not specified, it’s not covered. 

COLLISION COVERAGE:

This type of coverage will cover the auto/vehicle if it collides with another object or is overturned. Also, if the glass breaks due to a collision, the glass may be covered under this coverage as well. 

TRANSPORTATION EXPENSE:

This is a coverage extension that states that if the insured carries Comprehensive or Specified Cause of Loss Coverage, the insurance company will pay up to $20 per day with a max limit of $600 if the loss is due to theft. There is a 48 hour wait period with this extension and the insurance company stops paying this extension if the vehicle is recovered/returned, or when they payout for the loss. 

TOWING:

This coverage may be added by increasing premium. The insurance company will pay up to the limit of insurance shown in the agreement for labor costs and towing every time a covered vehicle becomes disabled. So, this coverage is per occurrence. However, the one condition is that labor must be performed at the location where the vehicle becomes disabled, otherwise, it’s not covered. 

Visit our blog for more information on commercial auto insurance coverage options!

Graybeal Group, Inc. Offers Widest Range of Products and Pricing in Oregon

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch.  Get in touch today to learn more about our commercial auto insurance policies!

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

Commonly known as EPLI, Employment Practices Liability Insurance covers businesses against claims from employees. Where Worker’s Compensation and Employers Liability policies exclude, EPLI includes. EPLI includes such things as: sexual harassment, wrongful termination, discrimination, etc. The employee brings suits against an employer when they feel their legal rights have been violated. 

IS OREGON EPLI ONLY NECESSARY FOR LARGER COMPANIES?

No. Most people do think of this type of insurance as only necessary for larger organizations, however, the reality is, smaller companies face a lot of the same risks! As this idea became more recognized, insurance companies started offering EPLI coverage for smaller companies.  They can add it as a stand-alone policy or in addition to their Businessowners policy. Also, Employment Practices Liability Inusrance protects against claims from past, present, and potential employees. Learn more about insurance for business owners, click here!

WHAT ARE SOME OF THE RISKS OREGON EPLI INSURES AGAINST? 

  1. Wrongful Termination
  2. Sexual Harassment
  3. Discrimination
  4. Negligent Evaluation
  5. Breach of Employment Contract
  6. Failure to Employ or Promote
  7. Wrongful Infliction of Emotional Stress
  8. Mismanagement of Employee Benefit Plans
  9. Deprivation of Career Opportunity

The premium costs associated with this kind of coverage are dependent on the type of business, number of employees, and other risk factors such as previous claims or lawsuits brought against the organization/employer.

These types of policies also cover paying the costs for judgments/settlements and the cost to reimburse the insured for defense costs that occur in defense of a claim or suit, regardless if the company wins or loses the lawsuit. 

employment insurance oregon graybeal group

WHAT IS EXCLUDED FROM AN OREGON EPLI POLICY? 

Generally, these types of policies don’t pay for civil or criminal fines, punitive damages, or if the liabilities are covered by other policies, i.e. Workers Comp or Employer Liabilities Policy. 

Conditions that the insurance company may require the insured adhere to: 

  1. Distribute Employee Handbooks addressing the company’s policies
  2. Provide employees with information on steps to take if they are subject to sexual harassment or discrimination
  3. Maintained documented records of all complaints and the steps taken to prevent and solve employee disputes
  4. Install an effective hiring/screening program to avoid discrimination in hiring

Stop by our blog to learn more about the benefits of worker’s compensation insurance!

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

Pasture Rangeland Forage Insurance is designed to provide insurance coverage on pasture, rangeland, or forage acres.  This program is based off the national rainfall index which determines precipitation for coverage purposes.  It does not in any way, measure production or loss of products themselves.

Pasture, Rangeland, and Forage (PRF) Insurance Program in California, Oregon, and Nevada offer livestock producers risk protection for losses of forage produced for grazing or harvested for hay.  The products are made to function in many range and pasture environments. They use technology to determine when someone has suffered a loss by looking at The Rainfall Index over the past years for that same time period.

The Rainfall Index uses National Oceanic and Atmospheric Administration Climate Prediction Center (NOAA CPC) data.  Then, the Prediction center uses a grid system that will determine precipitation amounts within an area. Each grid is 0.25 degrees in latitude by 0.25 degrees in longitude, basically, this is approximately 17 by 17 miles at the equator.

Pasture Rangeland Forage Insurance was created and designed to help protect forage loss that results from a lack of precipitation. Keep in mind, the coverage is applied to specific intervals throughout the policy year, so, don’t confuse this insurance with Drought Insurance. PRF Insurance was not designed to insure against severe or ongoing drought.

WHAT IS THE RAINFALL INDEX PLAN IN RELATION TO PASTURE RANGELAND AND FORAGE INSURANCE?

The Rainfall Index (RI) plan of insurance is a risk management tool to ensure against a decline in an index value that is based on the long-term historical average precipitation for an approximate 17×17 mile grid over specific two-month time intervals. The intervals start with Jan/Feb, Feb/Mar, etc. A producer may not choose overlapping intervals (Jan/Feb and Feb/Mar for example). A producer must select a minimum of two index intervals for coverage under the Pasture, Rangeland, and Forage Insurance Plan. The insured selects which index intervals to cover and the amount of coverage. The selection of index intervals is critical to the effectiveness of the RI plan as a risk management tool. Coverage is based on indexes for the grid, not the producer’s actual rainfall.

“The RMA has been working for a long time to provide subsidized coverage for livestock producers similar to what crop farmers have enjoyed for decades,” says Max Thomas, of Silveus Insurance Group, Lubbock, TX. “And this is the first time RMA has rolled out a program that offers a buy-up, low-deductible coverage for rancher’s basic crop which is grass and hay.”

You need to make several choices when you choose to insure your grazing or hay production, including coverage level, index intervals, irrigated practice, productivity factor, and number of acres.

That’s why you should work with your licensed crop insurance agent to view the Grid ID Locator map and index grids for your area, and assign acreage to one or more grids based on the location and use of the acreage to be insured. RMA encourages the use of the Grid ID Locator, historical indices tool, and decision support tools available on RMA’s website to help decide whether PRF is the right insurance coverage for your operation.

COVERAGE AND CLAIMS

Coverage for Pasture Rangeland and Forage Insurance is based on your selection of coverage level, index intervals, and productivity factor.

The index interval is a two-month time period.  Your agent should select the time period that precipitation is most important to your operation.  You are insuring a rainfall index that’s expected to estimate production, it does not measure direct production or loss.

You select a productivity factor to match the amount of protection to the value of the production that best represents the operation and the productive capacity of your acreage. You don’t have to ensure all of your acreage, and you also cannot insure more than what is considered insurable.

Pasture Rangeland Forage Insurance coverage is for a single peril — lack of precipitation. Coverage is based on the experience of the entire grid. It is not based on individual farms or ranches or specific weather stations in the general area. Insurance payments are determined by using NOAA CPC data for their grid(s) and index intervals that were chosen to insure. When the final grid index falls below the policyholder’s “trigger grid index”, the producer may receive an indemnity.

PRF policies can be bought from a crop insurance agent by the sales closing date of November 15th, 2019.  

PRF is available in the 48 contiguous states with the exception of a few grids that cross international borders.

WHAT ARE SOME BENEFITS OF THE PASTURE RANGELAND AND FORAGE INSURANCE PROGRAM?

The program is designed to give producers more options as a business owner and manager. It may provide more cash flow to restock herds once a drought is over, buy more feed, lease alternative pastureland, or pay leases when herds have been culled to very low levels.

Pasture, Rangeland, and Forage Insurance, PRF Insurance, is a policy that’s designed for ranchers! It’s subsidized, rated well, and covers exactly what causes sleepless nights! How could you NOT take advantage of this policy? Plus, the ROI is unheard of!

Allow our Pasture Rangeland and Forage Insurance Specialists who grew up on ranches and understand the specific needs of every rancher, to help you discover up to 300% ROI from this policy! We specialize in this policy and we are happy to design the perfect policy to fit your land and ranch operation needs! 

One of our Specialists, Dylan Pettyjohn, was born and raised on a ranch in Morrow County, OR.  He worked on the carrier side as a crop adjuster for 6 years for a Federally approved insurance provider.  He was promoted to Regional Marketing Manager where he helped train agents on Crop Insurance so they could better assist the ranchers and farmers they served.

Dylan was also utilized for his input in CREATING the Pasture Rangeland and Forage Insurance Policy- how it works, how to quote it, and how to maximize it for the Rancher and Farmer (he did this for 3 years across 9 states).

A lot of folks ask-

WHAT IS THE DIFFERENCE BETWEEN PASTURE RANGELAND AND FORAGE INSURANCE (PRF) AND DROUGHT INSURANCE?

Pasture Rangeland and Forage Insurance (PRF) is not drought insurance. This Insurance Program will not insure against abnormally windy conditions or abnormally high temperatures. A drought may cause a decline in the index value of your Pasture, Rangeland, and Forage policy to the point a payment for loss is issued if you’re eligible, however, a drought being declared in a state, county or area does not, by itself, trigger and indemnity payment under PRF Insurance.

Graybeal Group, Inc. Offers a Wide Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

When you operate an online business, you have many things to think about, not least of which is building and preserving your clientele, and securing the equipment you will need to run your business effectively. You also want to ensure your business license is in order. 

Though you might not think of it as a priority but acquiring insurance for your online business is also important. For many Internet business owners, online business insurance could seem unnecessary. After all, what could happen that would necessitate being protected from legal action or serious loss?

In fact, business owners are well-advised to protect themselves and their online businesses by securing insurance. Insurance can protect against loss of income from circumstances such as the Internet or host failures. Your business insurance also covers you from liability threats like accusations of plagiarism, security breaches in customer information, and copyright infringement. 

online business insurance graybeal group inc. insurance

Other Types of Threats Online Businesses Could Face

  • Hackers and cyber theft
  • Computer viruses
  • Breach of contract allegations
  • Product liability
  • Suspension from an e-commerce platform

Insurance for Online Businesses Can be Difficult to Find

Even though the Internet is more than two decades old, it nonetheless is still a relatively new entity. So, the insurance industry does not have the actuarial data regarding the probability of various types of losses for an Internet business. This makes it challenging for insurers to set premiums rates. 

This dearth of actuarial data also makes it difficult for business owners to shop around and know when they are receiving the best value for their insurance coverage. 

This doesn’t change the fact that it is still vital to carry insurance for your online business. 

A list of all the types of insurance a small business could need!

Types of Insurance That an Online Business Needs

The type of Internet insurance you should carry depends on the size of your business and whether you employ anyone. The following are the types of coverages that an online business should have:

Cyber Liability Insurance – For Online Business

This coverage protects your online business in the event of a data breach if the information is stolen or leaked. You’ll find that most cyber liability insurance policies cover business interruption, computer restoration, ransomware expenses, public relations, and legal fees having to do with a data breach. 

As hackers and other online threats become more advanced, it is essential for your online business to carry cyber liability insurance. 

Workers’ Compensation Insurance – For Online Business

If you have hired employees for your online business, you will want workers’ compensation insurance. You need to be prepared when accidents happen, and, over time, they likely will. 

Worker’s comp will protect you against an injured employee’s medical expenses and lost wages from time away from work. This type of insurance will also cover your business in the event of injury lawsuits filed by employees. 

While you do everything you can to provide a productive and safe work environment, it is still important that your business is covered when accidents happen. 

Commercial General Liability Insurance – For Online Business

This insurance will protect your Internet business from third-party liability for property damage or personal injury on your business premises, as well as from liability for injury caused by any product your business sells. If you sell products and someone is injured by them, the manufacturer might be sued, but so could you. 

You also might have to carry Commercial General Liability insurance if you sell products on Amazon. This depends primarily on how much you are selling on their platform. It would be helpful for you to research Amazon’s and other e-commerce platform’s requirements to be sure you have adequate coverage. 

Employment Practices Liability Insurance – For Online Business

As you build your online business and you add more employees, you should consider enhancing your coverage. Although you allow for a safe work environment, accidents can still occur. Also keep in mind that we live in a litigious society. It is not uncommon for people to take legal action against their employers in this country. 

Employment practices liability covers businesses from the following occurrences: 

  • Discrimination 

  • Wrongful termination

  • Harassment 

  • Invasion of privacy

  • Negligent evaluation

  • Mismanagement of employee benefits 

  • Miscellaneous employment-related issues

Additionally, employment practices liability insurance policies also cover you – the business owner. Also protected are your executive staff such as managers and directors. 

Chargeback Insurance – For Online Business

This type of insurance is meant to specifically cover retailers who are paid primarily with credit or debit cards. It protects your online business from loss in the event that charges are made with stolen cards or counterfeit card numbers. 

Seller Suspension Insurance – For Online Business

This insurance becomes relevant if your business operates by selling via an e-platform like Amazon. You should know that your account could be suspended at any time by the platform. You can appeal the suspension and win, however, your business operations could be halted for weeks or possibly months. This would obviously cause a major loss of income. Seller suspension insurance is designed to help you cover losses, as well as expenses connected with having your account reinstated. 

 

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

We all know that life occasionally throws us curveballs, coming at us with unexpected accidents and troublesome news that we have to be prepared for and deal with. It is the same with insurance.  With so many different scenarios that could happen to us when inside our homes, driving our cars, or on our boats, you need to be sure you always have sufficient insurance to be prepared for the unexpected. That is where personal umbrella insurance comes in. 

Personal umbrella insurance serves an important purpose, as it provides liability protection above and beyond the policy limits on our home, vehicle, and boat. Keeping in mind those limitations, personal umbrella insurance – also known as personal liability insurance – takes effect after you exceed those limits, thus broadening your protection if a claim or lawsuit is filed against you. 

Umbrella insurance resembles but is not necessarily the same as excess liability insurance, which provides you with higher caps on the liability coverage you already have. Here is the difference. The vast majority of umbrella insurance also gives you additional coverage that is not included in your base insurance policies. Examples of this are paying out for legal fees and damages if you are accused of slander, which is a false statement made, or libel, a false written statement. 

How Umbrella Insurance Works

Here is an example of a particular circumstance where umbrella insurance could be very helpful: 

You speed through a red light and T-bone another car.  There is major damage to the vehicle, and several people sustain injuries. The car requires $25,000 in repairs, and medical care for the injuries comes to $275,000. Additionally, the driver of the other car is an orthodontist who now cannot work for many months because of a broken arm, and he sues you for $200,000 in lost earnings. 

You find yourself owing $500,000 from this accident. Now, if your policy shows $300,000 in liability coverage with your car insurance, you will be responsible for paying the remaining $200,000. With personal umbrella insurance, it would pay the difference between what your primary insurance covers and what you still owe. Your umbrella policy also gives you coverage for all legal costs in the lawsuit. 

What Umbrella Insurance Covers

Put simply, umbrella insurance will protect you and everyone in your household against lawsuits that involve personal injury to others, damage to other people’s property, and an array of claims like defamation, landlord liability, and false imprisonment, depending on your policy. 

Personal umbrella insurance covers what your car, home, or boat insurance does not cover, which includes:

  • Claims for bodily injury
  • Personal injury lawsuits 
  • Property damage claims
  • Landlord liability claims

If you have personal umbrella insurance with $1 million of liability coverage, and you were sued for that full amount, your insurer would pay the $1 million in addition to providing your legal defense or cover your fees. Be aware, however, that a “retained limit” – which is like a deductible in that you are responsible for paying it before your coverage starts to pay out – could apply. 

Details and exclusions will differ quite a bit between umbrella policies. 

umbrella insurance graybeal group inc

What Umbrella Insurance Does Not Cover

Umbrella insurance will not cover injuries you sustain or property damage, as you will need other types of coverage for that. This could include health insurance or collision coverage on your car insurance.  Personal umbrella insurance also will not protect you from liability related to your business unless you have a commercial umbrella policy. 

The vast majority of personal umbrella insurance policies will not cover liability originating from the breach of a contract you entered into. For instance, if a landscaping company takes legal action against you because you have not paid for the finished work as stipulated under the signed contract, your personal umbrella insurance policy is not likely to apply. Also, if you injured someone on purpose or committed a crime, your umbrella insurance policy will not help you. 

Most of the time, exclusions apply to boats, as well. There are certain companies that will only cover specific sizes or types of watercraft. Others will not cover them at all without having an existing boat insurance policy. 

Who Should Have Umbrella Insurance?

You would be wise to have personal umbrella insurance if you rent property, employ staff at your house, have a trampoline, pool, hot tub, or hold large parties at your home. Keep in mind that if a guest at your residence is injured, your homeowner insurance might not be adequate to cover the cost of a claim.  You likely could be sued by the person who is injured and experience significant financial consequences. 

Here at Graybeal Group Inc. we recommend that everyone should consider carrying an umbrella policy. If you engage in a high-risk activity or hobby that increases your odds of getting sued—such as having a teenage driver, owning a swimming pool or entertaining frequently—it is wise to supplement your insurance with a personal umbrella liability policy.

How Much Coverage Do I Need?

You’ll want to take into consideration not only your total personal assets but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.

Coverages start at $1 million, and can go as high as $10 million. When considering the value of the umbrella policy, discuss your personal needs with Ferranti-Graybeal Insurance.

What Type of Umbrella Insurance is Appropriate for You?

When you look into personal umbrella insurance, you should initially conduct a full evaluation of your home and property, bank account balances, investment accounts, and all other assets. If you want maximum liability protection, you should have adequate umbrella insurance to replace all of your assets in the event of a lawsuit being filed against you or a family member. This insurance is commonly sold in $1 million increments. 

Cost of Umbrella Insurance

The cost of personal umbrella insurance will differ depending on the amount of coverage you purchase.  It tends to be quite affordable. The typical price falls in between $150 to $300 annually for $1 million in coverage, according to the Insurance Information Institute. More often than not, the insurance company you select will require you to have a particular amount of vehicle, home or watercraft insurance. The limits on these policies must be exhausted before the umbrella insurance will pay. 

Additional liability insurance is inexpensive when compared to the added coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating and more, a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 to $75 for each million thereafter your current liability insurance offers you enough protection?

Choosing the Right Personal Umbrella Insurance Policy

To begin with, assess your financial situation, your level of risk, and your existing insurance policies. 

We invite you to contact one of our agents at Graybeal Group, Inc. who will review your situation and advise you of the various types of personal umbrella insurance policies available. We will work with you to identify the policy that provides you with the liability protection that best serves your needs. 

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland, and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523.