Protect Your Hard Work with a Farm Package from Bowerman Insurance Agency!
Call or text us at 701-475-2340 or email us at insurance.services@bowermaninsurance.com
Farm Insurance
Farm insurance coverage is designed to protect farm risks that might be needed for unpredictable (extreme) weather, cattle struck by lightning, liability risks to name a few! Farms can have unique combination of commercial and personal coverage because of the residential and commercial characteristics.
To help protect the operation a farm or ranch, we can offer the insurance coverage you need. Your farm might need multiple coverages, and many farm policies can be packaged together to meet specific needs and risk factors, which we can discuss with you to determine the coverage needed.
Check your farm to see if you have any of the following signs of being underinsured.
- No Recent Valuation
- Commodity & Resource Price Fluctuations
- Rising Value of Farm Equipment & Machinery
- New Equipment & Machinery
- Diversification into New Business Areas
- Changes to Buildings
- Miscalculated Coverage Needs
You wouldn't want the things you've worked so hard for taken away with unforeseen damage and/or the wrong coverage. We want to find the best coverage to protect your most valuable asset, your farm.
Farm Truck and Semi Insurance
Farm truck/semi-insurance coverage can protect your farm vehicles from damage and help protect your lively hood from an unforeseen liability risk. These vehicles can also be rated for the seasonal use they are driven.
If you have a vehicle that is primarily used for farming or ranching and used on a public roadway, coverage is needed to protect the vehicle and the people driving the vehicle.
We can help you determine which coverage fits your needs based on what type of vehicle you have and how your vehicle is used.
Optional Endorsements Available
• Hired and Non-Owned
• Haul for Hire
• Cargo
• Seasonal Use
• Additional Personal Injury Protection
Farm Umbrella
Farm Umbrella Insurance Coverage provides liability protection coverage over and above the limits on your farm or ranch liability policy. It covers bodily injury and property damage to others as a result of a covered claim that happens on your farm.
Farm Umbrella policies go beyond just property damage, the policy provides higher liability limit amounts and can help protect your farm assets
Farm Blanket (Unscheduled Farm Personal Property)
When selecting property insurance for your farm or ranch, there are usually two options to protect your farm/ranch personal property: scheduled or blanket coverage.
Blanket coverage provides protection for farm personal property losses up to the total blanket limit as stated in your policy. Blanket coverage is typically used to insure groups of equipment such as machinery, tools, feed, fertilizers, and even office equipment to run the business. The farm blanket is considered the whole inventory, not just one piece of equipment.
Blanket coverage is typically subject to insurance to value or co-insurance provision.
Scheduled Coverage
Scheduled coverage is typically used to cover higher-valued items. In addition, if there are any items for which you want specific coverage limits, scheduled coverage may be more appropriate, and the deductible can be lower than the policy deductible.
Each scheduled item requires a description and a coverage amount. For machinery, this might mean listing the make, model, year and serial number and the amount this item should be insured for.
Scheduled coverage typically pays up to the value of the item of personal property listed on the schedule of the insurance policy. Keep in mind that if the values on the property schedule are not current, you could be significantly underinsured in the event of a major loss.
The value of certain types of farm commodities such as grain, can fluctuate due to inventory size or market prices, so it’s a good idea to review these numbers throughout the year to ensure you have the appropriate amount of coverage.
The Importance of Valuation
One of the primary things to consider when selecting coverage for your farm or ranch is the policy’s co-insurance clause. A common provision, co-insurance, requires you to insure the covered property to a specified percentage of its full value, typically between 80 and 100 percent. If a loss occurs, and it is determined the limits purchased are less than what is required by the co-insurance clause, you would be penalized if a covered claim occurs. To avoid this, be sure to maintain proper valuation of your farm’s property and ensure that you aren’t underinsured.
Protecting your operation is an essential part of running a business, but most farmers and ranchers don’t have the time to wade through various policy documents and coverage options. We can help you through this process.
Inland Marine
Another option is an Inland Marine Policy. The advantage of Inland Marine coverage is it is usually the most liberal coverage available for your equipment in the sense that it covers the most causes of loss. Inland Marine Insurance is written using a lot of underwriter discretion and rates can vary greatly between companies.
Standard Farm Insurance
For those hard to place farm buildings and/or premises.
Optional Endorsements Available
• Additional Coverage of 20 to 25% or more for the Insured House (Depending on the Company)
• Comprehensive Machinery Coverage
• Mobile Farm Equipment (Forklifts, Bulldozers, etc.)
• Farm Extra Expense
• GPS System
• Custom Farming
• Irrigation Systems
• Livestock
• Farm Pollution
• Employees
• Recreational Vehicles
• Equipment Breakdown
• Non-Depreciation of Repairs
Farm insurance coverage is designed to protect you from risks you might need to operate your farm or ranch. Let us help you get the coverage that meets your unique set of risk factors! Call or text us today at 701-475-2340!