The food and agriculture sector is fast, dynamic and multi-faceted. It is continually responding to changing market conditions and evolving customer demands, while proactively looking to improve the products and services it provides.
The ‘smart-farm’ agricultural revolution, climate change, water scarcity, disease pandemics, population growth, globalisation, dietary preferences, food technology are all having a profound effect on the threats and opportunities faced by the food and agri sectors.
We relish the challenge of keeping up with this exponential rate of change and delivering new solutions to meet emerging risks. JLT can help companies manage these risks by providing bespoke food and agriculture insurance and risk management solutions.
WHAT WE DO
JLT is a leading insurance broker for the food and agriculture industry and has been helping clients to understand and manage their exposures for over 20 years.
Our global food and agriculture practice offers expert support and long-term commitment. By putting ourselves at the heart of the sector, we aim to remove the uncertainties and allow you to get on with the task of driving your business forward.
We work closely with agricultural producers, food and drink manufacturers, major retailers and other professional advisors, helping you to keep pace with risk issues and developing the innovative insurance responses you need.
Our experience extends across the entire life cycle of food products from field to supermarket shelf, through transportation, processing and storage.
Our clients range from small to medium enterprises to multi-pound businesses including:
- Food and drink manufacturers
- Processors of raw products
- Producers of fertiliser, seeds, animal feed and associated products for agriculture
- Producers and suppliers of ingredients, flavours and fragrances
- Manufacturers of equipment, and service providers
- Commodity traders and agriculture investors
In building a team to work alongside our clients and the market, we cement closer understanding and deliver optimum solutions. Our dedication, commitment and investment in research, and international conferences refreshes our expertise to keep us ahead of the curve.
Our global food and agriculture practice offers expert support and long-term commitment to your sector. Here’s what makes us different:
- We focus on the entire food supply chain, giving you a comprehensive overview of your risks and how to manage them
- We offer access to a wide range of insurance products and can negotiate broad, cost-effective solutions
- Our team consists of people that specialise in food and agriculture, so you always deal with someone who understands your challenges
- Our in-house claims team has in-depth expertise in managing even the most complex claims and resolving disputes
- We offer a genuinely global service; our network covers more than 135 countries and our global portfolio of food and agriculture business allows us to share useful benchmarking data
- We host regular industry events including an international food and agriculture conference to help clients learn more about how to manage their risks
- Our investment in research – such as our recent project to map the disease risks of the fresh meat industry in Europe – shows our commitment to leading the industry on key issues.
Toxic algae bloom
A toxic algae bloom killed a significant proportion of tuna fish in an industrial fish ranch off the coast of Mexico. In order to attempt to mitigate the loss, the insured employed their sardine fishing fleet, which would normally be employed in catching food for the tuna, in moving the nets containing the remaining tuna away from the algae bloom.
Insurers initially took the view that the claim for “mitigation expenses” regarding the feed was not recoverable and questioned the insured’s stock valuation at the time of the incident. Early insurer’s indications were that a maximum of USD 2 million of the claim was insured.
JLT engaged with the insurers in order to advocate the correctness of the insured’s stock valuation and seek cover in particular for the extra expense of purchasing the feed.
We were successful in both obtaining the insurers’ agreement to meeting the mitigation expenses claim in full and accepting that the stock valuation figures supplied by the insured were correct. We were successful in obtaining a final insurance settlement of just under USD 11 million.
Following an insurance broker tender carried out by one of the world’s largest fragrance and flavor manufacturers, JLT were appointed to place the property damage, business interruption and casualty insurance programmes.
Although premium savings were important, the client asked us to focus on programme integrity and breadth of cover. This was especially pertinent on the casualty programme where enhanced limits were required on the financial loss type coverages.
Following lengthy negotiations with insurers throughout Europe, we managed to secure a 66% increase in the overall property programme limit at the same time as achieving an 18% premium saving. We were also able to secure increased sub limits on key coverages. On the casualty programme, a 26% premium saving was achieved whilst increasing limits on coverages across the board, including pure financial loss, environmental damages and manufacturers errors & omission.
Traditional insurance policy wordings are not necessarily robust enough to respond to certain risks of prime importance to the food industry, such as reputational risk, food safety legislation, OIE notifiable disease, supply chain interruption and contractual liability.
We have a successful track record of working with insurance buyers to design and build solutions that are bespoke to our clients and offer asset and balance sheet protection and value for money. We offer expertise in the following insurance product lines:
Our product line offering is complemented by a diverse range of skill sets within the team:
- Legally qualified policy wording technicians
- Risk engineering and business interruption consultants
- Embedded claims handling expertise and complex loss support
- Our expertise across the world and multinational service support through the JLT International Network.
Handling complex claims can be technically demanding and time-consuming.
We offer you a tried and tested process. First we set up a direct reporting system between you and your insurers to fast-track straightforward claims. For any disputed claims and all property claims, we will work with you to achieve optimal resolution. We specialise in settling large and complex claims.
You have a variety of options for example, we can:
- Provide you with an expert team of loss adjusters, surveyors, lawyers and engineers
- Advise on claims strategy to create a level playing field in dealing with your insurer
- Investigate, measure and prepare a claim
- Negotiate and settle a claim
- Intervene to prevent lengthy disputes and legal costs
- Plan responses to potential major losses.
Risk management methods play an important role in four key risk areas: people protection, property, food safety and environmental protection. By lowering the level of risk within the business, it is possible to increase self-insured retention and therefore cut expenditure on premiums. We offer clients:
A risk management team that works with our clients to counter major risks to their business. We manage risk through our extensive auditing process which, in turn, allows us to refine operational and reporting systems and reduce claims costs.
Our goal is to establish sustainable risk management through a system that measures and offers remedies for a full range of operational risks.
- Business continuity planning in the event of a major loss