What is
Farm Equipment
Coverage?
Gone are the days when farms relied solely on manual labour. Nowadays, a range of equipment is used to keep farms running, and this equipment is constantly evolving. Farm equipment insurance covers various machinery or equipment used in agricultural operations to protect farmers from financial loss due to damage, theft, or other covered events. Farmers can rest assured that their essential equipment is protected with this insurance.
Here are just a few of the items covered by farm equipment insurance:
Some items like aircraft, ATVs or snowmobiles are not included in this coverage. Your Excalibur Farm Insurance broker will work with you to evaluate your coverage needs for all the machinery and equipment important to running your farm.
Farm machinery and equipment are valuable investments that require proper insurance coverage. At Excalibur Farm Insurance, we offer two options for insuring your machinery and equipment. You can either list them individually on the policy or cover them under a blanket policy by class. Our team will carefully review your coverage to ensure that everything is accounted for, and we will conduct yearly checkups to include adequate coverage for specific farming activities and equipment.
Newer farm machinery can be covered on a replacement cost basis, while older equipment will be covered on an actual cash-value basis. We will regularly review your policy to ensure that the limits for each item are accurate. Our goal is to help you avoid paying for coverage that you don’t need.
As you purchase or sell machinery and equipment, we will explain the notification requirements to ensure that the new items are included in your policy. We can also extend coverage to non-owned equipment that is borrowed or rented. Additionally, we offer a loss of use endorsement that can cover renting a replacement unit until the damaged or destroyed unit is repaired or replaced.