What is
Livestock
Insurance
Coverage?
Your livestock is one of your farm operation’s largest and most important assets. It’s also what drives your income and livelihood. Because of that, our Excalibur Farm Insurance Brokers take getting the right coverage in place for your livestock very seriously.
Our Livestock insurance provides financial protection to farmers against the loss of their livestock due to specific covered events. This essential type of insurance is critical for agricultural operations involved in the raising and breeding of animals. It helps mitigate the financial impact of unexpected events resulting from the insured animals’ death or injury.
Key features of a livestock policy typically include:
When it comes to insuring your livestock, it is important to properly list out the number and value of each class of animal you have. Most insurance policies use the market or cash value of the animal at the time of its death or destruction to determine the amount payable. As the market value is constantly changing, it’s vital to review your livestock’s numbers and values regularly to ensure adequate coverage.
Different insurance companies provide varying levels of coverage for livestock and different causes of loss. Your Excalibur Farm Insurance Broker will assist you in reviewing your specific livestock to determine the types of loss you require coverage for. As your broker, we are responsible for meeting with you to assess the number of animals, their value, and the types of loss you want to cover for your livestock. We will collaborate with you to create a policy that suits your unique needs and ensures that you have the necessary coverage in place. Typically, your livestock coverage will include standard perils such as fire, flood, collision, windstorm, and other types of losses.
It’s important to review additional coverage options for your property. You can consider extended coverage for causes of loss such as entrapment, consequential loss (failure of heating or ventilation), and heat prostration. You can also look into coverage options for your livestock, which includes physical injury or ingestion of hardware. Furthermore, you can choose further coverage for losses caused by livestock birth.
Non-Owned Livestock
Coverage is also available for any farm operations involved in growing livestock for others. This coverage is important as you could be held responsible for the loss of livestock that you are growing for others should something happen to that livestock.
Similarly, we will need to review where your livestock is being kept. If you have others growing your livestock for you, we will need coverage indicated on your policy for the number and value of animals you have at these other farms.
These coverages can seem to overlap, but the reality is that they both need to be considered. It is also important to consider any livestock-specific coverages, such as avian flu, that may affect your specific livestock. Your broker can help you assess the risks and identify available coverages.
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