September 3, 2016

Farm Insurance

Farm Property    Farm Liability    Farm Equipment    Farm Umbrella    Multi-Peril & Crop Hail    Workers Compensation

 

Farm Policy ~ The Farm Policy was developed to address the unique exposures that occur when insuring farming type operations.

 

Farm Property ~ is structured similar to Homeowner Policies as it contains coverage for the Dwelling, Other Structures, Personal Property and Loss of Use but has additional farm coverages for Scheduled Farm Personal Property, Unscheduled Farm Personal Property and Farm Structures.

 

Dwelling coverage may have special limitations for antennas or satellite dishes.  Be sure to include extra limits for outside wiring.

Other Structures coverage would provide insurance for unattached structures.  However, any building used in farming must be scheduled under the Farm Structures portion of the policy.

Personal Property applies to your non-farming personal property.  This is basically the contents of your home.  There are special value limitations on certain types of personal property such as money, jewelry, firearms and silverware.  Ask for the specific limitations so you can be sure you are properly protected in the event of a loss.  Special endorsements are available to increase the limitations.

Scheduled Farm Personal Property may include hay, grain, farm products, computers related to farm management, tools and equipment and livestock.  Each class of property will be covered by a specified amount listed on the declarations.

Unscheduled Farm Personal Property provides coverage on a blanket basis and could be subject to an 80% coinsurance requirement.  Types of property covered may include equipment, supplies and products of farming operations.  This could include feed, seed, fertilizer, livestock, poultry, grain, produce and agricultural machinery and equipment.  There are special value limitations on unscheduled livestock.

Farm Structures include barns, silos, fences and outdoor radio and television equipment.

 

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Farm Liability ~ provides coverage for Bodily Injury and Property Damage, Personal Injury and Medical Payments.

 

Bodily Injury and Property Damage covers your legal liability (including defense costs) arising out of injuries or damages suffered to which you could be held liable.

Personal and Advertising Liability covers you for personal injury (such as slander, libel or false arrest) and advertising injury (infringement of copyright or title) exposures.

Medical Payment provides coverage for medical expenses caused by an accident regardless of fault.  This could also be referred to as “good neighbor coverage”.  Payments could be made to an injured party even if you were not responsible for the injury.

 

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Farm Equipment ~ Provides Open Peril coverage to mobile agricultural machinery and equipment (for example, combines, tractors, bailers, etc.).

 

This coverage is provided under the Farm Property Coverage Form but may be written on a separate form if so desired.

 

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Farm Umbrella ~ provides excess coverage over the underlying farm liability limits.

Umbrella policies are written to provide additional liability coverage in excess coverage over the required underlying farm liability limits.  For example, you are found liable for damages of $800,000 and your farm liability policy has a $300,000 limit.  Your farm umbrella policy would provide the coverage in excess of your $300,000 farm liability policy.  In this case, the umbrella would provide $500,000 of excess coverage.

 

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Multi-Peril & Crop Hail

You never know when Mother Nature will strike. That’s why it pays to protect yourself against early-season storms by buying your crop coverage prior to planting. Your farm is your future, so don’t take the risk.

 

Multi-Peril Crop Insurance ~ Provides coverage against losses due to nearly all natural disasters.

Revenue Protection and Yield Protection are two types of Multi-Peril Crop Insurance available to you.

Revenue Protection policies establish a minimum guarantee of revenue per acre.  This policy will protect you against production loss, price decline or increase or a combination of both.

Yield Protection policies protect you against loss in yield due to a natural disaster such as drought, excess moisture, cold and frost, wind, flood and unavoidable damage from insects and disease.  The bushel guarantee per acre is calculated based upon your individual actual production history.

Crop Hail Insurance ~ Most hailstorms last 3 to 5 minutes.  Mother Nature can deal a crushing blow to your crops, your profits and your future within that time.

Protect yourself before the storm.  Remove that risk with Crop Hail coverage.  Crop Hail insurance provides protection against physical damage from hail and/or fire.  Some hail policies include additional coverage for fire, lightning, vandalism and certain disasters while in transit and storage.  You select the dollar amount of coverage per acres and have a choice of deductible options.

 

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Workers Compensation

Agricultural workers are subject to the Workers Compensation Laws of Iowa.  Check with your agent to make sure you are covered properly.

 

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