Background & Structure
Name two farm insurance companies mentioned in the presentation.
Who are Nationwide Insurance, Mennonite Mutual, Westfield Insurance, and Western Reserve Group?
Farmers rely on insurance to stabilize ____ when market prices drop or yields are low.
What is income?
This coverage in farm insurance protects barns, silos, and other farm structures.
What is property insurance?
One of the biggest issues in farm insurance is the inability to control these types of events.
What are uncontrollable events?
This section of a farm insurance policy outlines what is covered and the insurer's promises.
What is the insuring agreement?
Name two things that farm insurance provides for farmers in need.
What are stability, security, and financial support?
True or False: Pollution is covered in liability insurance.
What is true?
When a barn or storage facility is destroyed by fire, farmers are left facing this issue.
What is property damage?
This section outlines what is NOT covered in a farm insurance policy.
What are exclusions?
This type of farm insurance coverage ensures that farmers can replace damaged machinery and continue operations.
What is equipment insurance?
Farmers can recover financially after losing livestock to disease or accidents through this insurance option.
What is livestock insurance?
This section includes provisions that can change the original policies.
What are endorsements?
Farm insurance provides peace of mind by protecting farmers from the financial impact of this unpredictable type of disaster.
What are natural disasters?
This coverage protects against legal claims related to accidents causing bodily injury, medical expenses, property damage.
What is liability insurance?
To address the issue of fluctuating market prices, farmers can rely on this type of insurance to stabilize their earnings.
What is price or revenue insurance?
What section of the insurance policy lists the location of the insured properties?
What is the Schedule of Locations of Policy?
Farm insurance is essential for securing loans from this group, which often requires coverage for protection against risk.
What are lenders?
What are some common perils that are often included in basic coverage?
What are three reasons farmers may not be eligible for farm insurance?
What are poor farm maintenance, poor credit history, a history of claims, and operating in an area that is at high risk for uncontrollable events like natural disasters?