Calling All Farm Insurance Guru's

[aboutthejourney]

I've landed my first farm lead in PA and plan to quote the business here very soon. In most cases, farms are written on your typical HO3 form...of course, there are several other coverages and endorsements that may be necessary.

What are the specifics to first look for and more importantly, what questions do you ask initially?

I understand if it's a crop farm, then there's 3 ways to write crop insurance. P&C coverage is common, livestock insurance is typically necessary and then consider the specific endorsements.

What are the other hot buttons to identify and review with the insured?

Thanks in advance!

 

[nyc2phi]

farm is an HO3 ? I never knew that, I thought it would of been some kind of commercial policy. On an HO3 you are not covering the land you are covering the home?

I know nationwide has a good farm program, talk with an NW agent and see if they have some advice

 

[NCAgent]

Check if the farm is incidental or not. Basically, is this for-profit, commercial use? Do they have a lot of livestock, and what kind? Do they have employees and/or contractors? If so, how many, what kind, and payroll.

HO3 is more for incidental farm from experience, I don't know if this qualifies or not. PA could be different, however.

 

[Tigerhoo]

I've landed my first farm lead in PA and plan to quote the business here very soon. In most cases, farms are written on your typical HO3 form...of course, there are several other coverages and endorsements that may be necessary.

What are the specifics to first look for and more importantly, what questions do you ask initially?

I understand if it's a crop farm, then there's 3 ways to write crop insurance. P&C coverage is common, livestock insurance is typically necessary and then consider the specific endorsements.

What are the other hot buttons to identify and review with the insured?

Thanks in advance!

You need to ask amount of acreage that is farmed. Is it contiguous or not. as there are diff. premiums depending on acreage. Ask about farm outbuildings type, amount of covg., how used, as all farm policies have different types of farm outbuildings, as not are are created equal. Lots of newbe agents insured these as covg b, and most would be denied if there were a claim.

Ask about farm equipment, such as tractors, attachments, and various odds and ends as these are excluded from coverage c. I would ask about livestock and if any coverage desired for them for lightning, attack by dogs, winter perils, drowning and collision.

How is the farm deeded. Many times the there exists both corporate and personal entities that need be addressed.

If it is crops they are growing and they are concerned about insuring, send to someone who knows what they are doing, as this is a specialty line.