Whether you are a corporate operation or a small dairy farm, insuring a farm presents its own unique challenges. Depending on the circumstances, farm policies should be designed to account for a variety of different risks and exposures. Some of the most common claims arising from these exposures include motor vehicle accidents, wind & weather events, pollution (misapplication of chemicals), fire, animal damage, glass breakage, equipment breakdown, and injury to name a few. Having the proper coverages are critical to protecting your livelihood. Listed below are some of the different coverages that are typically found on a farm policy.
Blanket Farm Personal Property – Designed to cover your farms machinery, equipment, tools, and livestock. The blanket limit is the sum of the values of the items listed on the inventory/equipment list. It is important to make sure items on the farm inventory such as tractors, implements, and other machinery are valued to their current cash price to avoid a co-insurance penalty.
Ingestion of Foreign Objects – Protects your farm machinery and implements from the ingestion of foreign objects.
Income and Extra Expense – Provides coverage for lost earnings as a result of damage to buildings or livestock.
Milk Contamination – Designed to provide coverage for your milk and the milk of others. Claims may arise as a result of contamination by you or an employee.
Collapse Coverage - Collapse or "snow load" coverage on buildings is often available by endorsement. This coverage can cover damage to buildings as a result of collapse by unforeseen weather events such as "snow".
Pollution Liability - Depending on your operation, pollution liability can be a very large exposure for a farm. Pollution can occur from multiple risks such as runoff, tank leakage, and over spray/chemical drift to name a few.
Peak Season Coverage - Provides increased coverage on the farm inventory during a specified period or periods throughout the year. This typically occurs during the harvest and planting seasons.
Interested in comparing rates and coverages? Let us review your farm policy today.
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