Protecting The "5 Ws" On Your Farm
Who. What. When. Where. Why. These words are staples in the world of journalism and research. Police investigators use them to determine more exact facts about an occurrence. Similarly, answering these five "W" questions are a great way to determine your coverage needs on a farm insurance policy.
We'll take a look at each "W" and see examples of farm coverage needs uncovered by each...
WHO..... 1) owns the farm? 2) owns the machinery? 3) works on the farm? 4) owns the farmland?
1) Whether an individual/trust/partnership/corporation, all owners of a farm operation must be listed as named insured or additional insured on the farm policy. 2) Lienholders on machinery must be listed as additional insureds too. 3) Number of employees and their responsibilities will help determine if a workers compensation polcy should be purchased. 4) All outside landlords should have their own farm liability policies, and MPCI and crop hail policies if in a cropshare arragement.
WHAT... 1) makes up our "farm"? 2) crops do we produce? 3) animals are on our farm?
1) Farmers can quickly sum up their operations in a sentence or two..."We farm 1,600 acres and raise cattle also" "We farm right at 3,000 acres and do some custom work." Follow up questions to these sentences are the basis for farm insurance policies. 2) Corn, soybeans, and wheat are of course most prominent in east central Illinois. IPG offers coverage through MPCI and crop hail policies to protect your crop, and that of your landlord. 3) Coverage considerations are needed for raised livestock, and pollution coverage may vary depending on how manure is handled.
WHEN... 1) do we have grain/fertilizer/seed on hand? 2) do we typically trade equipment?
1) Peak season coverage is needed to cover seasonal products which are on your farm temporarily. These may include harvested grain in bins, seed before planting season, chemicals before spraying, and hay for livestock feeding. 2) Anytime equipment is traded, or outright new is purchased, it is important to get them added to your farm policy. In additon, any lienholder pieces of equipment must be listed on your farm policy.
WHERE... 1) are the locations we farm? 2) do we haul harvested grain?
1) Each location where buildings are located and crops are planted must be listed on your farm policy. Whether the property is owned by you or a landlord, the location's legals (Twp/Sec/Range/Address) must be listed in order for coverage to apply should an incident occur on that property. Knowing specific locations are also important when dealing with MPCI and crop hail insurance. 2) As harvest concludes, we want to help determine as quickly as possible if you have a claim for MPCI insurance. Whether it is stored in a bin or a specific elevator, knowing this information helps smooth the MPCI claims process.
WHY... 1) might this farming year be different from year's past?
1) It's very important to know if additional land is being farmed. Are there custom acres being worked now that were not before? Has the operation agreed to become a seed dealer? Activities such as these will need to be endorsed on the farm policy.
SUMMARY... These are just some of the questions and answers that help determine specific coverage needs for your farm. The advantage of the 5 Ws? They are not yes/no questions, and so details uncover a lot of useful information. At IPG we look forward to covering your 5 W needs whether as a new client, or during a review of your farm policies.
Gordyville Farm Show
IPG will be at the Midwest Equipment Dealers Show in Gordyville on Jan 27 and Jan 28 . Stop by booth 715 for conversation and giveaways. For more information click on the link below...
https://www.facebook.com/events/1071337269566292
IPG Winter Farm Meeting
Feb 8, 2016
Knights of Columbus
1001 N Ohio Ave, Rantoul IL 61866
9am to 1pm w/lunch
Bruce Bonds, Heyl Royster Law
Workers Compensation and Farming
also included
MPCI Update
Illinois Corn Growers Association
FOR MORE INFORMATION OR TO RESERVE A SPOT
chad@ipgins.com joe@ipgins.com dave@ipgins.com