Farmers everywhere are preparing for a busy planting season! Are your customers maintaining their equipment or are they purchasing new, more efficient equipment? Have they invested in additional livestock or outbuildings? The season is changing and so are your farm policyholder’s insurance needs!
Details Are Everything
Farm property such as machinery, farm equipment, livestock and tools are a vital part of any agricultural operation. It is important to review all inventory with your insured every renewal. Certain areas of concern may not be apparent until a proper inventory has been reviewed, such as improper storage of chemicals, or maintenance that may be needed due to wear and tear of an item, etc.
Annual reviews of farm property also allow the insured to add any machinery or equipment they may have acquired over the last policy period.
An excellent Farm Inventory List should contain all exposures and provide a precise picture of the farming operation. To make this process easier for both you and your insureds, we’ve created a Farm Inventory sheet that can be used to review and assess any farming exposures your insureds may have!
This comprehensive sheet is broken up into several sections to simplify various categories of exposures and should be reviewed annually to make sure the insured is maintaining adequate coverage.
What’s Right For Your Customer?
Once the insured has completed their inventory of all appropriate items, we must help them decide whether they want to schedule each item individually or blanket all farm property.
Lastly, you need to decide what perils the insured would like the farm property to be insured against. When selecting perils for Farm Property, remember:
Dwellings are the only farm property type that can be written with basic perils coverage.
RMIC offers broad and special perils coverage for all Farm Buildings and Farm Machinery. Seed, hay and all other farm property must have broad coverage.
If special perils is desired on equipment, we need to schedule each item that you would like the coverage applied to.
Don’t Forget to Endorse!
You’ve got all your customer’s property scheduled - great! This is the perfect time to consider if your customer would benefit from any of our 30+ optional farm coverages. From equipment breakdown to peak season coverage, our optional coverages can be used to tailor our Farmowners Program to a wide variety of agricultural operations. You can endorse the policy under the “Property” or “Liability” tabs in Rockford Express.
We’re A Team
Together we can break down the complexity of insuring your farm customers and their assets with quality Farmowners coverage from Rockford Mutual! Contact our Farm Underwriter with your next available opportunity today!
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