Agricultural Insurance

In an ideal world the weather would be perfect, crop yields would be abundant and livestock would always thrive. However, as a farmer, you do business in a reality that is filled with tremendous risk and uncertainty. At any point in time you could be one natural disaster, livestock disease or poor crop yield away from total devastation.

 

If a worst-case scenario were to happen today, would you be able to recover from the loss? Do you have adequate coverage to protect your farm during rough times? Want to know what agricultural insurance can do for you and your business? Find out more about agricultural insurance and how it can safeguard your assets and your livelihood.

What types of agricultural insurance can we provide?

Agricultural insurance provides farmers with coverage that protects them from financial loss due to common problems associated with running an agribusiness. These problems include, but are not limited to:

Flooding

Drought

Hail

Frost

Accidents

Fire

Wind

Wildlife

Theft

Insurance is a vital risk management tool for farmers, however it is only one aspect of a comprehensive risk management strategy. It is always best to work with an experienced agricultural insurance agency to create an effective plan to manage your investment.

What types of coverage do farmers need?

The specific types of insurance your farm needs depends on factors such as the kind of crops you grow, the type of livestock you raise, your location and your business related assets. Knowing this information helps your insurance agent to recommend the types of coverage you need to protect your farm from specific incidents that can negatively impact your business.

 

Agricultural insurance options typically fall under one of three major categories, which are: Crop Insurance, Livestock Insurance and Farm and Ranch Insurance.

Crop Insurance

Crop insurance provides coverage for farmers, ranchers and other agribusiness producers that protects them from the loss of physical crops or crop-generated revenue. This type of insurance can be split into two subtypes.

Crop-Hail Insurance

Offers coverage to protect unharvested crops from damage due to hail or fire. This insurance is ideal for safeguarding high-yield crops and is available for purchase throughout the growing season. It can only be provided by private insurance brokers and is not a part of the Federal Crop Insurance Program.

Multiple Peril Crop Insurance (MPCI)

MPCI or multiple peril crop insurance, is a form of farm insurance that offers two or more types of coverage in a single policy. These policies can provide coverage from loss associated with industry price changes, excessive moisture and revenue loss due to low crop yield. This type of insurance must be in place before crops are planted, and is ideal for farmers who have several high-risk factors associated with their business.

Livestock Insurance

Livestock insurance offers coverage for farmers that raise animals such as pigs, chickens, sheep or cattle for profit on a commercial or small-scale basis. This type of insurance typically pays a lump sum benefit if one of the animals covered by the contract dies. However, the death must be directly as a result of circumstances outlined in the policy.

Equine Insurance

Offers coverage for issues associated with raising one or many horses for show or personal enjoyment, or for breeding them on a commercial level.

Farm and Ranch Insurance

Farm and ranch insurance provides protection for the structures and equipment used to run the farming business. This type of policy provides coverage options for farmers who live on their land as well as those who do not.

Equipment Insurance

Having reliable farming equipment is an important aspect of running a small or large-scale agricultural business. Equipment insurance provides coverage and protection from the breakdown of farming equipment and covers the cost of repairs or replacement if necessary.

Dwelling Insurance

Dwelling insurance provides coverage for the farmhouse as well as any structures that are directly attached. The insurance specifies the kinds of incidents that are covered and in some cases, also cover personal property and supply funds equal to normal living expenses if the building becomes uninhabitable due to an incident covered by the policy.

Structures Insurance

Offers protection and compensation for loss of property used in a farming business like barns, silos and sheds due to accidents or events such as fires or natural disasters.

Auto Insurance

Farm auto insurance provides coverage for vehicles used to carry out the daily business activities related to the farm and protects against damages, personal injury or accidents that involve the vehicles covered. Vehicles covered by this type of insurance include agricultural vehicles, personal vehicles and commercial vehicles such as trucks, tractors and trailers.

Umbrella Insurance

Provides additional coverage and protection for any financial losses and costs related to personal injury, bodily injury and property damage that exceed the limitations of existing insurance policies.

Liability Insurance

Operating a farming business often requires interacting with members of the general public. Liability insurance covers damages that happen to visitors or their property as a result of being on the farm.

Additional Information

Grain Market Outlook and Early Market Call

 

Diversified Services has partnered with Ihry Insurance to provide a wide range of crop insurance options and resources. They also provide daily information that brings you up-to-date on the latest events in the grain markets as well as strategy options that you can implement in your revenue management program. Give us a call or send us an email for the most recent Early Market Calls and Grain Market Outlook reports!

 

Farm Storage Production Requirements

 

RMA no longer requires company authorization for commingled production. However there is one exception, which is that the prior years’ production that is commingled requires measurement service from FSA or a company-approved adjuster. When you are commingling production, please remember that there are specific procedures you need to follow.

 

Companies may determine that certain policyholders are not authorized to follow these procedures. These policyholders will be notified in writing prior to the harvest of respective crop. Contact us to find out more information!

You’re in good hands with Ihry Insurance

As a farmer, you can never be too careful when it comes to protecting your investment. In an unpredictable industry it is important to have an insurance policy that keeps your assets safe and acts as a buffer between your business and potentially catastrophic events.

 

At Ihry Insurance, we combine our real world agricultural experience with our superior insurance solutions to create personalized policies that protect your farm and livelihood from the perils of the agribusiness industry.

 

Serving members of the North Dakota and Red River farming communities since 1982, agricultural insurance has grown to become one of our largest sectors. Our agents strive to protect your revenue while preserving your equity to minimize risk, maximize profits and improve your quality of your life.

 

Call Ihry Insurance today and speak with one of our helpful crop insurance specialists to explore your options and get a free quote.