FARM PROPERTY - COVERAGE AND FORM REFERENCE GUIDE
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1 FARM PROPERTY - COVERAGE AND FORM REFERENCE GUIDE MONLINE FARM PROPERTY IS NOT AVAILABLE These guidelines do NOT establish risk acceptability. See Eligible and Prohibit in the Farm/Ranch Owners PDQ Guidelines. Click on any underlined entry below to activate link to guide content Capacity and Total Insured Value (TIV) Authority: Farm Property and Farm Equipment not available monoline Farm Equipment not to be written on separate Contractor s Equipment Floater. Farm Equipment is written as property under Coverage E Calculate TIV by including all Coverages A, E, F and G values. Give-In limits for Coverages B, C and D are not included in TIV calculations It is acceptable to place the primary residence with another carrier on a Homeowner s/personal Liability Policy if running into TIV capacity problems Agency authority to $1MM, submit if higher Additional Insured Farm Property FP0450 Allows for addition to named insured for Property only. Agreed Value: Animal Coverage Collision (Property Coverage): Available for: Alpacas, Bison, Deer, Llama's, Yaks but requires form U647 Cattle, donkeys, goats, horses, mules, sheep or swine Submit all others ( coverage for birds/poultry not available) Cause of Loss: Collision only Animal Collision - FP0456 removes all other Causes of Loss provided by FP0013 Farm Property-Farm Personal Property Coverage form except for collision. For this reason it is recommended that Live Animal Mortality coverage be offered in most cases. Do not offer Animal Collision via FP0456 if providing Live Animal / Mortality Coverage. This avoids creating duplicate coverage. Deductible: No deductible applies Limits: Maximum limit per animal is $1,000, higher limits not available Policy declarations should reflect number of head x $1,000 = Limit Mandatory: The property coverage option must be supported by Farm Liability Animal Coverage Live Animal Coverage / Mortality Coverage: Available for: Alpacas, Bison, Deer, Llama's, Yaks but requires form U647 Bees, Fish, Worms but limited to Basic Cause of Loss, and limits above $50,000 require company approval Cattle, donkeys, goats, horses, mules, sheep or swine Submit all others (coverage for birds/poultry not available) Cause of Loss (subject to all terms and conditions of Causes of Loss Farm Property FP1060): Basic Cause of Loss: Aircraft, collision, earthquake, explosion, flood, fire/lighting, sinkhole, smoke, riot or civil commotion, theft (but not mysterious disappearance), volcanism, windstorm/hail No coverage for disease and buyback not available Broad Cause of Loss: Includes Basic Cause of Loss (see above) Page 1 of 7
2 Adds accidental shooting, attacks by dogs or wild animals, drowning from external causes, electrocution, and loading/unloading No coverage for disease and buyback not available Coverage Trigger: Trigger by scheduling values on U1401 Farm Property / Farm Personal Property - Section E (Scheduled Farm Personal Property) Item 13 Collision is included in the Animal Mortality form Deductible: Limits: Per Occurrence policy property deductible applies to all Animal Mortality type losses. Animal Collision is included in Animal Mortality coverage and is subject to the per occurrence policy property deductible as well. If animal is not specifically scheduled with a higher value the value defaults to $1000 per head if under 1 year old, $2,000 if 1 year or older Animals scheduled with higher values must have an appraisal in the General Agent s file to support valuation(s) prior to binding Policy declarations should reflect number of head x $1,000 plus number of head x $2,000 and/or any animal valued higher that has an appraisal to support that value Mandatory: This property coverage option must be supported by a Farm Liability coverage part Blanket Property:. See exceptions under Animal Mortality, Farm Property Coverage E - Item 10 for Misc equipment, and the $5000 Farm Property Coverage F for Unscheduled Farm Personal Property. Brush and Vegetation Controls for Wildfire Mitigation: Property coverage in areas prone to wildfires available only if insured has a firemitigation program for brush, grass, hedges, plants, shrubs and trees within 150 feet of insured structures. Property to be declined if no mitigation controls in place. Cab Glass Breakage:. Coinsurance: 80% - Other coinsurance options not available Inadequate valuation at the time of loss (based upon 80% coinsurance) forfeits replacement cost in loss settlement Crop Insurance / Growing Plant Coverage / Yield Protection: Coverage Forms and Coverage Limits for Property Coverages A thru G: FP0012 Farm Property Farm Dwellings, Appurtenant Structures and Household Personal Property Coverage Form Form FP0012 is the only coverage part where Special Cause of Loss is an option Coverage A Dwellings are defined as structures used primarily for family residential use See Property Coverage G for dwellings leased to others and employee housing Coverage B - Structures Appurtenant to Dwellings Up to 10% of Coverage A limit provided at no additional premium, charge for limits above the 10% Higher limits available by using FP0525 Increased Limits for Structures Appurtenant to Dwellings Coverage C Household Personal Property Up to 50% of Coverage A limit provided at no additional premium, charge for limits above the 50% Page 2 of 7
3 Coverage C Household Personal Property Limits are sublimits within the stated limits on Farm Policy declarations Higher limits not available $200 Gold other than gold ware, money, platinum, silver other than silverware $1500 Letters of credit, manuscripts, passports, securities $1,500 Watercraft including equipment, furnishings, engines or trailers $1,500 Trailers not used with watercraft nor for farming operations $2,500 Business property on an insured location. May increase limit via FP0409 Increased Special Limits on Business Property. Allows insured to choose any limit for business property that is on-premises. When that limit is selected, 20% of it is available to apply to business property off-premises. $500 Business property off an insured location. May increase limit via FP0409 Increased Special Limits on Business Property In the event of Loss by Theft: $2,500 Furs, jewelry, precious/semiprecious stones, watches $2,500 Gold ware, silverware, platinum ware $3,000 Firearms and related equipment $1,500 Electronic apparatus or accessories while in or upon a motor vehicle or motorized land conveyance $1,500 Electronic apparatus or accessories used in connection with operation of the farm or business while off an insured location and not in or upon a motor vehicle or conveyance. Coverage D Personal Property - Loss of Use Up to 20% of Coverage A limit provided at no additional premium, charge for limits above the 20%. FP0013 Farm Personal Property Coverage Form Coverage E Scheduled Farm Personal Property Contains many schedules that must be completed Coverage F Unscheduled Farm Personal Property Limit is $5,000 and can not be changed FP0014 Farm Property Barns, Outbuildings and Other Farm Structures Coverage Form Coverage G Barns, Outbuildings and Other Farm Structures Includes property coverage for dwellings leased to third parties (to include cabin/vacation rentals), and/or employee housing (to include bunkhouses & dormitories) Deductibles Property AOP: FP0304 Single Farm Property per Occurrence Deductible is mandatory on all policies. States that if damage occurs involving two or more coverage parts, only the highest deductible for any coverage part applies to the occurrence. Deductible credits: $1,000 no credit available $2,500 up to 3% credit $5,000 up to 5% credit $10,000 up to 10% credit Deductibles Farm Property - Wind and Hail: Windstorm guidelines apply to all risks. You must refer to the Property Guidelines where you will find the restrictions and prohibitions that apply for various coastal states Page 3 of 7
4 and inland states subject to windstorms. These guidelines apply to all of our commercial business as well as Farm/Ranch. Farm Wind and Hail Forms: Windstorm or Hail Exclusion FP1015 (in lieu of CP1054) Windstorm or Hail Percentage Deductible FP0305 (in lieu of CP0321) Windstorm or Hail Flat Deductible U615 (in lieu of U121 or U121A) U615 is Mandatory for all risks in the following States: AL, AR, FL, GA, IA, KS, IL, LA, IN, MO, MS, ND, NE, OH, OK, SD, TX U615 is Mandatory for all risks in the following States but only when FP1015 or FP0305 are not required: AL, FL, LA, MS, TX Disruption of Farming Operations (similar to business income): Must insure Building/Contents exposures in order to offer this coverage option FP1501 Disruption of Farming Operations: Optional business income type coverage for farming and ranching operations. Adds coverage for loss of income and extra expenses caused by or resulting from covered loss or damage to farm buildings and/or machinery/equipment, including farm building rental income. Does not cover business income exposures related to Business Activities and Business Pursuits Coverage options not available: Actual Loss Sustained (ALS) Blanketing Extended Period of Indemnity Issuance How to Complete FP1501: Percentage of Exposure Covered column may range from 50% to 100%. If percentage selected is less than 80% contact the Company for additional pricing considerations. Property debit likely to be applied at the property line-of-coverage level. Cause of Loss on FP1501 must match what is offered for individual items listed on the FP1501. Example: If structures have Special Cause of Loss then make sure Special Cause of Loss is indicated on the FP1501 as well. Schedule values for income loss and expense by location (no blanketing) Earthquake: In California your file must document either the rejection or placement with another carrier Equipment Breakdown: Farm and Ranch Equipment Breakdown Guidelines Equipment Breakdown Coverage U694 Equipment Breakdown Coverage Schedule U695 Farm Machinery and Equipment: Farm Property Provisions form FP0090 advised that Farm Personal Property includes agricultural machinery. Farm Property Farm Personal Property Coverage Form advises that farm wagons and trailers are included in the definition of farm equipment. Farm machinery and equipment that are specifically scheduled are covered for property while on or away from insured locations except while in the custody of a common or contract carrier. Flood: Fuel: Property coverage for fuel is excluded within FP0013. No buy-back is available. Functional Replacement Cost: Fungi, Bacteria, Virus, Dry Rot, Wet Rot U646: Mandatory on all risks, can not be waived: Exclusion of Loss Due to Virus or Bacteria -Limited Coverage for Fungi, Wet Rot and Dry Rot Property - U646 Excludes coverage for growing, harvested or stored crops Page 4 of 7
5 Sublimit (give-in limit): $15,000 is provided. Requests for higher limits require Company approval. Golf Carts: Property coverage available, if specifically scheduled on FP0527 Motorized Golf Carts Coverage applies both on and away from insured s premises A deductible that applies to each cart must be indicated on FP0527 Hay: Must be supported by Farm Liability Maximum limits: $25,000 inside structures and/or $10,000 in the open Prohibited: Storage of green or wet hay inside of buildings due to danger of spontaneous combustion Homeowners/Personal Liability Policy in Place with Another Carrier: Coverage may be placed with another carrier Loss Payees: FP0450 form applies Machinery or Equipment Owned, Leased, Rented or Borrowed: Stand alone coverage not available. Must be supported by the Farm Liability coverage line. Equipment used in field work must have at least two 10-pound ABC- type extinguishers mounted when in use. Quick-Release mounts can be used so extinguishers can be shared between inactive and active equipment. Glass separate glass deductible for farm equipment not available Coverage provided under FP0013 Farm Property Farm Personal Property Coverage E Scheduled Farm Personal Property Item 10 Misc. Machinery or Equipment Blanket Limit Items up to $1,000 in values are to be listed here in one blanket limit Off-Premises coverage is not provided for these items Item 11 Borrowed or Rented Machinery or Equipment Values are combined into one blanket limit Backdating is Prohibited There is no coverage for transit if by common carrier Item 12 Misc. Machinery or Equipment Individually Scheduled Items above $1,000 are scheduled individually Leased, Rented or Borrowed items covered if scheduled Backdating is Prohibited Must declare prior to leasing, renting or borrowing Massachusetts Tenant Relocation Expense IL0108: This form is mandatory when covering Property in Massachusetts for any non-transient rental living quarters. Rates are as follows: 1-4 units $10 flat charge 5-10 units $50 flat charge over 10 units $100 flat charge Ordinance or Law: Peak Season: Pollution: Exclusion Benzene U744 Exclusion of Loss Due to Virus or Bacteria U646 Quote Cover Letter: Optional use Because Farm/Ranch business is so unique the Company has created a cover letter that is recommended for use with all Farm/Ranch quotes Quote Cover Sheet Recall and Contamination: Exception See Milk Contamination Coverage listed under Eligible Farm & Ranch Type Activities & Exposures Dairy Farms Replacement Cost Household Personal Property FP0436: Page 5 of 7
6 FP0012 Farm Property Farm Dwellings, Appurtenant Structures and Household Personal Property Coverage places household property on an ACV basis. This endorsement changes ACV to a RC basis. Sewer or Drain Backup: Spoilage Coverage Perishable Property: Subsidence of Land Liability: Excluded by U1103 Additional Exclusions and Provisions - Liability Theft: Causes of Loss Basic, Broad, Special form FP1060 provides various types of theft coverage that vary with the Cause of Loss that applies. Optional - Theft Exclusion - FP1014 Excludes theft completely no matter which Cause of Loss (Basic, Broad or Special) was elected. Exclusion will also apply to livestock coverage and mobile agricultural machinery and equipment. Optional - Theft Exclusion U1120 Provides theft for insured s household personal property only Excludes theft for farm personal property exposures (i.e. Coverage E Scheduled Farm Personal Property, Coverage F Unscheduled Farm Personal Property, and Coverage G Barns, Outbuildings and other Farm Structures) Optional Burglary and Robbery Protective Systems FP1212 Equipment or Machinery Leased, Rented or Borrowed Theft coverage provided unless Theft Exclusion Coverages E, F, and G - U1120, or Theft Exclusion FP1014 have been applied to the policy Not Available Mysterious disappearance Theft sub-limits Warranty of Protective Safeguards: FP1212 Burglary and Robbery Protective Safeguards is optional use Unoccupancy and Vacancy Permit FP0475: Policy coverage forms contain limitations and restrictions that apply to buildings not occupied or vacant. This endorsement removes the time provisions and restrictions specified in the applicable coverage form with respect to unoccupancy and vacancy but only for the length of the permit period. See also, guidelines under Eligibility Farm and Ranch Activities and Exposures - Vacancy and Seasonable Occupancy Vacancy: See Unoccupancy and Vacancy Permit above Value Reporting Endorsement and/or Report of Values: Vandalism Exclusion FP1016: Removes Vandalism as a covered cause of loss, mandatory on Vacant and/or Seasonal property (if vacant more than 30 days). Valuation Actual Cash Value (ACV) or Replacement Cost (RC): Coverage A Dwellings, and Coverage B - Appurtenant Private Structures: Actual Cash Value: FP1210 ACV for Dwellings and Appurtenant Private Structures is mandatory if Coverage A (Dwelling) and Coverage B (Appurtenant Structures) do not qualify for Replacement Cost (see below) Insurance to Value requirement is at least $25 per sq. ft. If over $80 per sq. foot, then building cost estimator or inspection containing property valuation is required Replacement Cost: 25 / 35 Rule applies Structures must have been built within the last 35 years. If over 35 years old, then it requires complete updating of plumbing, electrical, heating and roof within the past 25 years. Insurance to Value must be at least $50 per sq. ft. If over $150 building cost estimator or inspection containing property valuation is required Page 6 of 7
7 Replacement Cost Provisions forfeited if at the time of loss, values are determined to fall below 80% of the actual cost to replace Coverage C - Household-Personal Property: ACV or RC basis available Basis does not need to be the same as Coverage A or Coverage B Replacement Cost Provisions forfeited if at the time of loss, values are determined to fall below 80% of the actual cost to replace Coverage D -Loss of Use: Not applicable Coverage E Scheduled Farm Personal Property. Coverage, F Unscheduled Farm Personal Property, and G Barns, Outbuildings and Other Farm Structures: ACV at time of loss, RC if actually replaced Replacement Cost Provisions forfeited if at the time of loss, values are determined to fall below 80% of the actual cost to replace Wind and Hail: Windstorm guidelines apply to all risks. See Property Guidelines for Wind/Hail. Here you will find information on restrictions and prohibitions in coastal areas, as well as certain tornado prone inland states. Once you ve determined what restrictions apply refer to Deductibles Farm Property Wind and Hail for forms related guidelines Page 7 of 7
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