Terrafirma covers legal costs necessary for conservation defense. These costs include attorney’s fees and expert fees for lawsuits and mediation, for both the enforcement and defense of conservation easements and fee owned land. This would cover land trust attorney and other fees where the land trust either starts the law suit or is named in a law suit. It will also cover attorney and other expert fees prior to litigation in an effort to resolve cases without unnecessary litigation.
No. Terrafirma is not property insurance. It is conservation defense liability insurance. Payment for damages including liquidated damages is excluded.
Yes. The policy has 35 exclusions from coverage that land trusts should carefully examine.
If enough land trusts participate initially to make Terrafirma feasible and successful over several years, then we can examine the feasibility of expanding the program to cover some or all of these additional risks. Initially, none of these risks will be covered.
Yes! However, if there is a merger the surviving organization will need to have already enrolled in Terrafirma. If the surviving organization is a new organization, it must be eligible for Terrafirma and one or more of the merging organizations must have already enrolled in Terrafirma. It will also need to insure all of its easements or fee land, or full portfolio, not just one of the merging organizations' portfolio.
Possibly. An assignment of a single easement may pose additional administration issues but Terrafirma can address that individually. Contact us for further assistance if your organization has plans to do this.
Yes. If you permit a property division on your land, the land that is divided and transferred to a new owner will not be covered until the division is reported to Terrafirma and an additional premium paid. This is consistent with the Terrafirma counting rules.