The comprehensive farmer’s liability covers owned, rented, or leased land and property for personal and farming activities. It covers bodily injury and property damage from individual actions, farming operations, and volunteer liability.

Basic liability starts at $1 million and can go as high as $10 million. It is also the cheapest and most worthwhile coverage on your policy to purchase.

The insurance provider offers coverage for direct physical loss or damage to insured property that results from an insured peril. This coverage applies to farm buildings or structures, along with permanently attached fixtures and equipment that form a part of and pertain to the use of the building or structure on the farm premises. Be sure to read up on co-insurance clauses if you choose not to insure the replacement value.

Contents within the farm buildings or structures on the farm premises are also covered. However, limits may apply and should be reviewed with your advisor.

You can add machinery coverage in one of two ways:

a) Scheduled equipment, including mobile machinery, implements, or irrigation equipment, along with their attachments specifically described and listed on your Cover Page.

b) Blanket equipment, which includes (i) mobile machinery and implements, along with their attachments, and (ii) tools, which are independent devices, apparatuses, or instruments used for repair, construction, or maintenance.

This coverage applies to various classes of animals, including cattle, bison, swine, horses, sheep, goats, poultry, and other livestock as specified on your Cover Page. You must own the insured property for which you are legally responsible.

Additionally, other animals not commonly referred to as domestic livestock but being raised on your farm premises for farming or pleasure purposes are also covered. Still, they must be specified on your Cover Page.

 

Whether it’s your grains, oil seeds, pulse crops or feed and fodder, these commodities are essential to your farm’s income. Commodity coverage can help protect you from an unexpected financial loss due to an insured peril.

Input coverage is for fertilizer, chemicals, and seeds essential to your crops’ success and operation. In a claim like a fire, replacing these inputs could be pricey. With Input Coverage in place, your policy would respond so you won’t have to pay out of pocket.

Speak to a member of our Life & Benefits team about Succession Planning. A life insurance policy allows you to make fair allocations and ensure your succession plans are accurately realized.

Taking the right steps now can make all the difference to the future success of your family and farm. Let our advisors help guide you to ensure your peace of mind.

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