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You can rely on our experienced and knowledgeable agents at The Folck Agency, Inc. to provide you with the exact coverage that you need for your specific operation.  Most homeowners policies do not cover the risks of owning a farm or ranch and your current farm owners policy may specifically exclude horses.  The equine farming business requires special liability protection that is only available through select companies.

The following is an overview of the type of protection we offer:

Actual Cash Value vs. Replacement Cost
Actual cash value is the cost to replace the damaged or stolen property with like kind and quality less depreciation.  Farm structures and farm personal property generally are insured on an ACV basis.  Replacement cost is the amount necessary to replace an item at today's prices and is normally used for dwellings and personal property.  Newer farm structures can also be insured for their replacement cost.  As a rule, your policy should be reviewed on an annual basis and adjusted accordingly.  However, if you remodel or construct new buildings you should always advise your agent.

Farm Dwelling
Your dwelling and/or additional dwellings are often your most costly and valued possessions.  If it is reasonably modern and fully utilized, it should be insured for Special Perils and Replacement Cost Coverage.  Our staff prepares cost estimator forms for your dwellings to make certain that you have the amount of coverage that you need.  A copy of these forms is given to you for your records.

Household Personal Property
Your personal inventory of furniture, bedding, appliances and any other household contents will be the most helpful in the event a loss does occur.  We do recommend that you keep current photos or a VCR tape of the contents of your home stored away from the residence.  Most companies automatically give you 50% of the value of your home for your contents.  In other words, if you had $100,000 on your home, you would have $50,000 on the contents of your home.  When the replacement cost endorsement is added, some companies increase that amount to 70%.  You may also want to specifically insure some items, for example jewelry or fine arts, on a Personal Articles Floater for broader protection.  Some types of personal property are covered for a limited amount (money, securities, etc.) and we will discuss this with you to ascertain if you need to increase the coverage.

Farm Buildings
Because of the many variations in construction, design, and utilization of farm buildings, it is difficult to prepare a clear-cut guide for their evaluation.  Cost of materials and labor at present levels in your area should establish the replacement cost of structures.  Local builders, realtors, farm auctioneers or your insurance expert can often be helpful.  In some cases you may have erected your own building or structures and are providing insurance for only material costs.  Remember that, should a loss occur, circumstances such as illness, injury, etc., may prevent you from rebuilding with your own labor.  Your insurance should be adequate to provide for the full cost of replacement.  All locations should be included.

Some buildings or structures may no longer be in use or only partially used and would not be replaced if damaged or destroyed.  What would be rebuilt in place of such a structure if seriously damaged or destroyed?  Would it be replaced?  If the answer is "NO", don't insure it.  If "YES", your amount of insurance should be the cost of a replacement building or structure, but NOT exceeding the actual cash value of the current structures which are necessary and useful to your operation.  Note: We utilize Boeckh building cost guides to establish both replacement and ACV basis' to values.

Farm Personal Property
Machinery, horses/livestock, tools, supplies, grain, feed, tack, and other items constitute a major part of your assets and your insurance program should protect them all.  As with personal property, keep current photos and/or video tape with your inventory of all farm personal property in a separate location, so that you can accurately identify items in the event of a loss.  Policy conditions for farm personal property make it imperative that adequate insurance be provided.  Without adequate insurance, you could be penalized by having to bear a part of the loss.  Chances are, you already have a farm personal property inventory which you use for tax purposes.  However, tax values often reflect substantial tax depreciation and may not represent today's actual cash value of the assets involved.

For insurance purposes, use 100% of present actual cash value.  What would your farm personal property sell for today?  What would it cost t purchase similar items in the same condition as yours?  Answers to these questions will help to ascertain the actual cash value of your personal property and the amount for which it should be insured.  At your option, FARM Personal Property may be "Blanketed" or "Scheduled."  "Equine operations" often own considerable TACK which require frequent evaluation for coverage on and off premises.

Farm Comprehensive Liability
Our policies cover bodily injury and property damage that you are legally obligated to pay as a result of your horse and/or farming operations both ON and OFF premises (attending shows, sales, horse(s) with a trainer, etc.).  You need to advise us of the exact type and locations of all equine operations that you have so that we can provide you with the coverage you need.  Even with the current Equine Liability Laws that exist in most states, you still need this protection if you are associated with buying, selling, breeding, boarding, instruction (lessons), or training horses.  You may also need to have coverage for clinics or shows.  If you are involved in boarding or breeding operations within non-owned horsed, you need Care, Custody and Control Liability.

As you can tell, this coverage can be very can complex and that is why you need our expertise and a company that specializes in equine operations.


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The Folck Agency, Inc.
Address:
 
2040 W. Blee Road
Springfield, OH  45502-8715
Telephone:
(800) 451-5264
Fax:
(937) 324-1893
Email:
  info@folckagency.com

Affiliated with National Equine Sales

 

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