Farm Insurance

Question 1

what is animal mortality insurance?

Answer 1

-a form of medical and life insurance for that specific animal when it must be destroyed for humane reasons
-coverage is available on an all-risk or named perils basis
-only available through a specialty market to provide coverage for a specialty animal

Question 2

what is the deferred loss settlement clause on a farm policy?

Answer 2

-ACV or 50% of a rebuild whichever is less
-if rebuild within 9 months and 200ft of where the original structure was, will get replacement cost plus interest
-damages must be 2/3 of building

Question 3

what % coinsurance is common on farm and farm equipment

Answer 3

80%

Question 4

livestock is covered on…..

Answer 4

a named perils basis

Question 5

which perils are livestock covered for?

Answer 5

-fire
-lightning
-electricity
-earthquake
-flood
-wind
-hail
-accidental shooting
-collision while being transported
-impact by 3rd party vehicle
-attack by wild animals
-theft

Question 6

what are the exclusions on livestock?

Answer 6

-damage while being transported
-freezing
-neglect
-criminal acts
-illegally acquired livestock
-seizure by govt order
- sickness
-loss at stockyard
-war or nuclear incidents

Question 7

new equipment can be sold with replacement cost coverage normally limited to…

Answer 7

60 months (5 years)