Produce coverage is a very broad term. It provides coverage for items including harvested crops, seed, feed, fertilizer, herbicides, milk, unfertilized eggs, fruit, and vegetables. As your broker we’ll work with you to determine the value of all of these items that you have on hand throughout the year. These amounts can vary wildly from empty silos to full up at the end of harvest. In developing your policy it’s important that you’re properly covered throughout the year.
The coverage for produce is generally quite broad but does not include all losses or cover all materials. There are several non-covered losses including those caused by vermin or rot among others. Additionally, growing crops and loose straw and haystacks not in a building are also not included in the coverage.
As always, it’s important to discuss the specifics of your coverage with your broker.
If you have refrigerated produce, there are extensions of coverage that should be considered. Coverage can be extended for consequential loss to produce caused by physical damage to breakdown of the refrigeration unit. Further to this milk contamination can be covered as well.
Once again co-insurance is a consideration you need to be aware of when you are determining the level of coverage for your produce, Click here for an explanation of co-insurance. For valuation of the produce the actual cash value of the produce is used, generally this is the market price. As this varies constantly it is important for us to review the amount of produce coverage that you have in place.
Produce coverage is a very important coverage that does require a full review. Excalibur will work with you to list out all the items that are considered produce to make sure you are covered properly.