{"id":1303,"date":"2019-07-17T13:47:34","date_gmt":"2019-07-17T19:47:34","guid":{"rendered":"https:\/\/www.insuringky.com\/blog\/?p=1303"},"modified":"2019-07-17T13:47:35","modified_gmt":"2019-07-17T19:47:35","slug":"farm-and-ranch-coverage","status":"publish","type":"post","link":"https:\/\/www.insuringky.com\/blog\/farm-and-ranch-coverage\/","title":{"rendered":"Farm and Ranch Coverage"},"content":{"rendered":"\n
\"Unique<\/figure><\/div>\n\n\n\n

Farms and ranches differ from other business operations since, at least with small to medium operations, the owner both conducts his business and lives with his entire family on the same premises. Therefore, a farm or ranch has a combination of commercial and personal loss exposures that must be properly insured.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

One coverage method\nmight be to use commercial policies to handle the business needs and personal\n(auto, home, recreational vehicle, etc.) policies to tackle the personal needs.\nHowever, such a combination of policies would be awkward and expensive.\nFurther, the method would allow a large number of coverage gaps and overlaps. A\nmuch better approach would be to use a product that satisfies all potential\ncoverage needs in a single policy.<\/p>\n\n\n\n

The differences among\nvarious farm and ranch operations certainly complicate the task of finding\nproper coverage. Successful farmers and ranchers tend to be specialists, yet\nare flexible in order to run efficient operations. Fortunately, farms and\nranches have a number of elements that are common to all operations, so\nproducts have been developed for this challenging market.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

One standard farm\nprogram uses a cafeteria approach to offer coverage. The owner of a farm or\nranch operation may choose to have only Farm Property and Farm Inland Marine\nForms to address the property coverages, but use the\nCommercial General Liability Forms for the liability coverage exposures. They\nmay choose to use the Farm Umbrella or a Commercial Umbrella with a Farm\nEndorsement. A Homeowners policy may be used on the dwelling but a Farm\nproperty coverage form on everything else.<\/p>\n\n\n\n

Options are an important\nfeature of a good farm program. The following, basic coverages\nare widely available:<\/p>\n\n\n\n

  • \u00a0\u00a0\u00a0The Farm Property Policy<\/strong> – covers farm-related buildings (residence, barns, sheds, silos, etc.)<\/li>
  • \u00a0\u00a0\u00a0The Farm Inland Marine Policy<\/strong> – covers farm-related machinery and equipment<\/li>
  • \u00a0\u00a0The Farm Liability Policy<\/strong> – protects against damage or injury caused by farming\/ranching activities<\/li>
  • \u00a0The Farm Umbrella Policy<\/strong> – provides a higher level of liability protection<\/li>
  • The Farm Combination Policy<\/strong>– offers a way to bundle stand-alone farm\/ranch coverages into a single package<\/li><\/ul>\n\n\n\n

    The more flexibility\noffered by a program, the greater the chance that an insurance professional can\nassist a farmer or rancher with developing an effective insurance plan.<\/p>\n\n\n\n

    \n\n\n\n

    COPYRIGHT: Insurance Publishing Plus, Inc. 2014<\/em><\/p>\n\n\n\n

    All rights reserved. Production or distribution, whether in whole\nor in part, in any form of media or language; and no matter what country, state\nor territory, is expressly forbidden without written consent of Insurance\nPublishing Plus, Inc<\/pre>\n","protected":false},"excerpt":{"rendered":"
    Farms and ranches differ from other business operations since, at least with small to medium operations, the owner both conducts his business and lives with his entire family on the same premises. Therefore, a farm or ranch has a combination of commercial and personal loss exposures that must be properly insured. One coverage method might […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[1469,1471,1488,1479,1481,435,1475,1483,1489,1467,1468,1472,1480,1482,839,1476,1474,1478,1487,1484,1473,1477],"class_list":["post-1303","post","type-post","status-publish","format-standard","hentry","category-farm-insurance","tag-farm-and-ranch-coverage","tag-farm-and-ranch-insurance","tag-farm-equipment-isurance","tag-farm-home-insurance","tag-farm-house-insurance","tag-farm-insurance","tag-farm-liability-insurance","tag-farm-property-insurance","tag-farm-umbrella-insurance","tag-insurance-for-farmers","tag-insurance-for-kentucky-farmers","tag-kentucky-farm-and-ranch-insurance","tag-kentucky-farm-home-insurance","tag-kentucky-farm-house-insurance","tag-kentucky-farm-insurance","tag-kentucky-farm-liability-insurance","tag-kentucky-ranch-insurance","tag-kentucky-ranch-liablity","tag-ky-farm-equipment-insurance","tag-ky-farm-property-insurance","tag-ranch-insurance","tag-ranch-liability-insurance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t