Insurance Options in Farming

Explore different insurance options for farming, including homeowners insurance, farm insurance policies, and general liability policies. Learn about coverage limitations, underwriting guidelines, and eligibility criteria. Gain insights from the 2021 survey results related to crop-based and value-added operations in farming.

• Farming Insurance
• Homeowners Insurance
• Liability Policies
• 2021 Survey
• Coverage Options

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Uploaded on Sep 10, 2024 | 0 Views

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Presentation Transcript

1. INSURANCE OPTIONS IN FARMING Presented By:

2. 1. Homeowners Insurance Policies 2. Farm Insurance Policies 3. General Liability Policies 4. Information Pertaining to 2021 Survey Results 5. Contact Information

3. HOMEOWNERS INSURANCE Coverage Varies By Carrier Only applicable to farming Hobby Standard ISO (Insurance Services Office) policy language restricts Hobby compensation to $2,000 or less Strict Underwriting Guidelines Standard policy language restricts Business Liability Coverage For Farming is only available via endorsement -Typically only covers farming for your own consumption -Typically limits exposure such as number of animals or type of animal

4. FARM INSURANCE POLICIES Designed To Cover Farming Operations Of All Sizes Provides Farm Related Coverage Extensions for Farm Pollution/Retail Sales/Product Liability Flexible Underwriting Guidelines & Eligibility Can Provide Coverage For: Farm Liability Personal Liability Your Home Farm Structures Farm Machinery/Equipment Tools/Supplies/Feed

5. GENERAL LIABILITY Liability Only (No Property Coverage) Coverage Can Be Limited/Restricted to Location or Operation No Farm-Specific Extensions Can Conflict With Homeowners Insurance Coverage

6. 2021 SURVEY RESULTS Survey results as they relate to insurance: Question 3 (Crop Based): All of these crops are considered farm operations/farm products and qualify for coverage on a Farm policy. Some exceptions for Pick-Your-Own , Cut-Your-Own , use of ladders, Xmas Tree Operations or retail sales and may require endorsements. Question 4 (Value-added Based): Most of these products can be covered by endorsement but are generally not automatically covered by a Farm Policy. Non-pasteurized milk products are excluded and would require a separate specialty policy in order to cover that exposure. Coverage for retail meat sales would require that the meat was processed in a USDA Certified facility or at a commercial butcher.

7. 2021 SURVEY RESULTS CONTINUED Question 5 (Direct To Consumer): All of these operations would require an endorsement or a separate General Liability policy Question 6 (Indirect to consumer): These exposures would require a separate General Liability policy. Farm policies aren t designed to cover restaurants, auctions, grocery stores, etc. The farm store exposure may qualify for coverage under a Farm Policy via endorsement depending on the revenue it generates and the items held for sale.

8. 207.989.8880 WWW.ALLPOINTSAGENCY.COM INFO@ALLPOINTSAGENCY.COM All Points serves clients in all of Maine s16 Counties