The Nitty-Gritty of Farm Insurance
Farming is an incredibly complex, high-stakes, high-risk enterprise. From natural disasters, disease, livestock & crop loss, personal injury, machinery and electrical accidents, barn fires, liability issues and more, the potential for personal and financial catastrophe is huge.
Our expert brokers KNOW farming aand they can help you identify the areas where you’re vulnerable, ensuring you have the coverage you need—where you need it–to survive a catastrophic loss or legal suit. AND we’ll design a RISK MANAGEMENT PLAN for you, to minimize the potential for disaster.
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A farm insurance policy typically offers protection for:
• Farm dwellings, buildings & contents
• Produce
• Livestock
• Machinery & Equipment
• Loss of Income
• Liability
The details, coverage and options offered within these categories will, of course, be different depending on the type of farming involved, and the unique risks associated with your specific operation. We’ll look closely at your farm and help you spot any potential holes or gaps in your policy that might leave you financially exposed or at risk.
TYPES OF COVERAGE
Typically, there are two basic levels of protection that insurance companies offer farmers: Named Perils and Broad Form Coverage. It is possible to have one level of coverage for one property and another on another type of property.
Named Perils is the most common coverage purchased. The insurance company will provide a list of ‘causes of loss’ that they will insure. Named Perils listed on your buildings may be different than the Named Perils listed to protect your livestock. Examples of Named Perils might be:
• Fire
• Lightening
• Explosion
• Smoke
• Falling objects
• Vandalism or malicious acts
• Windstorm or hail
• Attacks on livestock by dogs or wildlife
Exclusions & limitations
Typically, there are two basic levels of protection that insurance companies offer farmers: Named Perils and Broad Form Coverage. It is possible to have one level of coverage for one property and another on another type of property.
You may want to add additional coverage by endorsement. Your Excalibur broker can help you identify potential areas of risk not covered by your Named Perils policy option.
Broad Form Coverage (or “all risk” coverage) is growing in popularity. The premium for this level of coverage is higher but all direct damage to the property is covered unless either the property or the ‘peril’ (cause of loss) is excluded within the contract and its attachments.
Added Coverage or ‘Optional Endorsements’ If you are concerned about a risk or peril not covered in your standard policy contract, you may want to purchase additional coverage in the form of an endorsement. For example, you may want to purchase ‘collapse endorsement’ for your buildings if snow and ice build-up is a concern. Other examples of ‘added endorsements’ might be:
• Business interruption/loss of income
• Power interruption
• Power surge
• Heat prostration for poultry
• Pollution clean-up
• High-value livestock and consequential loss
