IMA rolls out biodiesel insurance package

By | December 15, 2006
IMA Financial Group Inc., an insurance brokerage company with a dedicated Biofuels Practice Group, has begun to offer a biodiesel insurance program. Since July, this new program has been providing coverage specifically designed for biodiesel producers, according to Account Executive David McKinney.

Biodiesel producers have always had the option to purchase insurance coverage in the past. However, IMA's biodiesel insurance package allows biodiesel producers to pick and choose various options, depending on their needs, McKinney said. Choices cover property, testing, builders risk, a delay in start-up, general liability, automobiles, business interruption, crime, or workers compensation, among others. Pollution coverage is also available through a different insurance package.

In McKinney's experience, small- to medium-sized biodiesel facilities struggle to find adequate insurance coverage at a competitive price, he said. In some cases, biodiesel producers have had to make tough choices in risk management-going without needed insurance in some cases. Other facilities have been held back from moving forward with their business plans because they have been unable to get the required insurance coverage. "They are faced with some pretty high minimums," he said.

IMA set out to solve that problem by offering necessary insurance options to biodiesel producers. The new program has the advantage of lowered minimums, which IMA has negotiated with the insurance providers, McKinney said.

At press time, about 15 biodiesel producers were part of the program. The company was also in the process of working with many other producers. Insurance is only one of the thousands of things biodiesel producers need to choose, said David Weaver, IMA sales consultant.

IMA has about 400 employees in seven offices across the United States. The company provides risk management services to many different industries in all 50 states. Its Biofuels Practice Group is based in Wichita, Kan. For more information, visit IMA's Web site at www.imacorp.com or call the company's Biofuels Practice Group at (316) 266-6290.
 
 
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