Insurance for Hunting Clubs: Terms and Definitions

Insurance for Hunting Clubs: Terms and Definitions

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Insurance for Hunting Clubs: Terms and Definitions If you have ever looked intoinsurance for hunting clubs, you know that some of the terminology found in policies and marketing materials can be obscure. Hunters are not necessarily legal or financial experts, so some of the terms they encounter may not make a whole lot of sense. We want to help clear up some of the confusion by explaining some of the more difficult terms and definitions in plain English. If you understand what you are reading when offered an insurance policy, you will be better equipped to make a good decision. Insurance Company Rating From time to time, you may come across an insurance company that boasts of its 'A' rating. This rating is directly related to the insurance company's financial strength, according to one of four major rating agencies: A.M. Best, Fitch, Moody's, and Standard & Poor's. A higher rating means the company has a higher level of financial strength and, subsequently, a better ability to adequately cover claims. Guest Liability Coverage Basic insurance for hunting clubs provides liability protection for all club members. When applied to a land lease, it offers liability protection to all signers in accordance with the stipulations of the lease. It may not cover guests that are not club members or lease signers. Guest liability coverage takes care of that problem.

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Publié le 07 juillet 2015
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Insurance for Hunting Clubs: Terms and Definitions If you have ever looked intoinsurance for hunting clubs, you know that some of the terminology found in policies and marketing materials can be obscure. Hunters are not necessarily legal or financial experts, so some of the terms they encounter may not make a whole lot of sense. We want to help clear up some of the confusion by explaining some of the more difficult terms and definitions in plain English. If you understand what you are reading when offered an insurance policy, you will be better equipped to make a good decision. Insurance Company Rating From time to time, you may come across an insurance company that boasts of its 'A' rating. This rating is directly related to the insurance company's financial strength, according to one of four major rating agencies: A.M. Best, Fitch, Moody's, and Standard & Poor's. A higher rating means the company has a higher level of financial strength and, subsequently, a better ability to adequately cover claims. Guest Liability Coverage Basic insurance for hunting clubs provides liability protection for all club members. When applied to a land lease, it offers liability protection to all signers in accordance with the stipulations of the lease. It may not cover guests that are not club members or lease signers. Guest liability coverage takes care of that problem. It is extra coverage that pays for claims relating to the liability of club guests. Medical Expense Cover Most insurance for hunting clubs divides coverage into several different categories, including liability and medical expense cover. The medical expense portion pays out to cover injuries over and above what the claimant's personal health insurance covers. Medical expense cover usually applies as secondary coverage, meaning individual health insurance would be used first; medical cover would kick in only when the limits of personal health insurance are reached. Aggregate Limit All insurance policies have an upward limit of what they will pay regardless of what they cover. Insurance for hunting clubs is no different. The aggregate limit is the maximum total an insurance company will pay during the policy term. Because hunting insurance is usually purchased at 12-month intervals, the aggregate limit is also known as the annual limit in some cases. Per-Occurrence Limit Insurance policies are known to have per-occurrence limits in addition to aggregate limits. The per-occurrence limit refers to the amount of money paid for a single claim or incident.
http://ahuntinglease.org/
Where your policy may have a $2 million aggregate limit, it may only pay out a maximum of $500,000 per claim. Such limits are helpful in that they do not wipe out the value of your insurance policy with just one accident. Member-to-Member Cover If one member of a hunting club sues another member as a result of personal injury or property damage, member-to-member coverage protects the defendant. While the average hunting club hopes this sort of thing never happens, reality says otherwise. There is no shortage of disputes within a club's membership that could eventually lead to civil litigation. It is always a good idea to have member-to-member cover added to insurance for hunting clubs. There are a lot more terms and conditions related to hunting insurance you may not understand. Nevertheless, do not make assumptions when purchasing a policy. Instead, ask your insurance agent or a qualified attorney for help. The more you understand about insurance for hunting clubs, the more likely you are to find a policy that provides enough coverage at a price your club can afford. Furthermore, whatever you do, do not sign a hunting lease or head out into the field without insurance. Additional Reading: Hunting Lease Liability Insurance-http://ahuntinglease.org/hunting-lease-insurance
http://ahuntinglease.org/