We Recommend Hiscox
ABIC has always offered farm insurance for both general agriculture and horse operations. By joining with ARIC, it expanded its ability to service the lower 48 states of the U.S.
Commercial: All U.S. states except Alaska.
ABIC offers a variety of commercial farm products, including:
- Farm-Owners/Stable-Owners – Policies cover dwelling, contents, outbuilding, scheduled and blanket farm personal property, and liability up to $1,000,000, on property limits up to $4,000,000. Options include livestock coverage, employers’ liability, earthquake (for both dwellings and outbuildings), commercial equine liability, recreational vehicles and watercraft, additional coverage on outbuildings, including collapse.
- Stable Liability – Coverage includes operations such as boarding, breeding, lessons, riding academies and clubs, clinics, and events such as sales and shows.
- Farm Owners Package – Covers new machinery, fire legal liability, basic perils for new building construction, and custom farming.
- Farm/Ranch Umbrella – Covers excess liability for damages due to bodily injury, plus property damage to others. Coverage includes personal, farming and commercial farm, and stable operations.
- Care, Custody or Control – Similar to commercial garage keepers insurance, ABIC offers a policy with coverage for non-owned horses, including boarding, breeding, and training up to $500,000 per horse and $1,000,000 maximum per year.
Although ABIC doesn’t offer personal lines insurance, it is available under the Assurant name through American Reliable Insurance Company. Coverages include homeowner, flood, and recreational motoring products, but not auto insurance.
ABIC and its partner offer competitive pricing for insurance products covering the agricultural industry. Large commercial farms and stables may find them particularly competitive in certain areas such as crop coverage and non-owned animals.
Generally claims should be filed with agents, but questions can be emailed to email@example.com.
The scores for ABIC at the National Association of Insurance Commissioners appear flawed. ABIC has a rating of 4.61 against a median ratio of 1.00 for commercial liability in 2013, but only one upheld complaint. Its 0.14 ratio for commercial property seems more in line with its actual reputation.
The Better Business Bureau gives ABIC—as Assurant Inc.—an “A” rating in spite of logging 1209 complaints in the last three years, with 443 in the last 12 months.
Although the number of complaints is large, the BBB notes that the business has responded and resolved the complaints.
One factor to bear in mind with the company is that it has more than $1.5 billion in premiums written. That’s a huge number for a specialized carrier, and the number of complaints for a business of that magnitude is consistent with its size.
Of the complaints cataloged, the vast majority appeared to be on small equipment, such as cell phones and personal tools or parts.
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If you have a commercial farm, family farm, hobby farm, commercial stable or private stable, you should definitely ask your agent to get a quote from American Bankers Insurance Company (AKA Assurant). They are a leader in this industry, and offer very competitive rates.
For a list of companies that we recommend, visit our Best Insurance Companies page.