Shorthornguy
Well-known member
Do you insure your cattle? What basis do you use? Market value or replacement value? Does your lender require it or is it a part of your business plan? Will appreciate your replys. Thanks
Cattle insurance
- Thread starter Shorthornguy
- Start date
Help Support CattleToday:
cypressfarms
Well-known member
I'm commercial, so the only insurance is liability in case the girls get out and someone gets hurt and wants to get suit happy. Easy to justify the $200 per year for the piece of mind.
I sometimes buy trip insurance because my Auto/Truck insurance doesn't pay for cargo in the trailer:
CATTLE - BEEF OR DAIRY
AGE LIMITS 3 MONTHS TO 7 YEARS
15 Day Term -- $1.50 per $100.00 (A 15 day policy may be endorsed "15 day cover to have Its effective starting date at time of actual shipment".)
1 Month Term -- $2.50 per $100.00
2 Month Term -- $3.00 per $100.00
3 Month Term -- $3.50 per $100.00
6 Month Term -- $4.00 per $100.00
1 Year Term -- $6.00 per $100.00
AGE EXCEPTIONS - NOTE ADDED PREMIUM
Calves, 2 weeks to 7 weeks old -- $4.00 per $100.00
Calves, 7 weeks to 3 months old -- $2.00 per $100.00
(This is additional premium to be added to period coverage and considered earned in entirety when written.)
Bulls past 6, up to 8th birthday, eligible for insurance after amount of cover has been confirmed by Company.
$1.00 per hundred additional premium charged for each year or part over 7th birthday.
At 9th birthday Insurance not available.
Cows past 7 may be covered in same manner. At 10th birthday annual Insurance not available.
SPECIAL HERD INSURANCE –CATTLE (Non-Deductible)
If a minimum of six head are insured the rate is FIVE PERCENT. No one animal may exceed the total value of others insured. Full rate: no deductible involved.
GROUP (HERD) INSURANCE FOR CATTLE (Deductible)
The sum insured in respect to any one animal shall not exceed 50% of the total of schedule.
The minimum number of head required to be insured is ten.
The insured pays at Inception of insurance $3.00 per $100.00. If no loss is suffered no further premium Is paid. There is no payment of indemnities until total of loss or losses exceeds the amount of premium paid. After this deductible factor has been reached, difference up to Insured value is paid.
For example, ten animals at $1000.00 each, total cover $10,000.00.
Premium $300.00.
If one animal dies value $1,000.00 indemnity is $700.00 ($1000.00 less $300.00).
If a second one dies no deductible and $l,000.00 is paid in full.
Animals may be cancelled and others of equal value or total value may be substituted at no charge. Or the total volume of insurance may be increased by addition of other animals on the pro rata basis of $ .25 per 100.00 per month to expiration, or at $ .50 per $100.00 if loss has exceeded deductible. This is pro rata of the full annual rate as the policy through application of deductible has been automatically converted to standard policy with no further deductibles.
Herd or Group Plan policies may be cancelled in part or entirely on the short rate scale on the basis of what the earned premium would be at the 6% rate. This method of computation to apply at all times whether loss has been suffered or not. Entire premium is considered earned at fifth month from inception date
To utilize this plan best, consider total insurance as set volume not to be reduced but spread over listed animals. Re-place deleted animals with others to avoid reducing volume.
CATTLE - BEEF OR DAIRY
AGE LIMITS 3 MONTHS TO 7 YEARS
15 Day Term -- $1.50 per $100.00 (A 15 day policy may be endorsed "15 day cover to have Its effective starting date at time of actual shipment".)
1 Month Term -- $2.50 per $100.00
2 Month Term -- $3.00 per $100.00
3 Month Term -- $3.50 per $100.00
6 Month Term -- $4.00 per $100.00
1 Year Term -- $6.00 per $100.00
AGE EXCEPTIONS - NOTE ADDED PREMIUM
Calves, 2 weeks to 7 weeks old -- $4.00 per $100.00
Calves, 7 weeks to 3 months old -- $2.00 per $100.00
(This is additional premium to be added to period coverage and considered earned in entirety when written.)
Bulls past 6, up to 8th birthday, eligible for insurance after amount of cover has been confirmed by Company.
$1.00 per hundred additional premium charged for each year or part over 7th birthday.
At 9th birthday Insurance not available.
Cows past 7 may be covered in same manner. At 10th birthday annual Insurance not available.
SPECIAL HERD INSURANCE –CATTLE (Non-Deductible)
If a minimum of six head are insured the rate is FIVE PERCENT. No one animal may exceed the total value of others insured. Full rate: no deductible involved.
GROUP (HERD) INSURANCE FOR CATTLE (Deductible)
The sum insured in respect to any one animal shall not exceed 50% of the total of schedule.
The minimum number of head required to be insured is ten.
The insured pays at Inception of insurance $3.00 per $100.00. If no loss is suffered no further premium Is paid. There is no payment of indemnities until total of loss or losses exceeds the amount of premium paid. After this deductible factor has been reached, difference up to Insured value is paid.
For example, ten animals at $1000.00 each, total cover $10,000.00.
Premium $300.00.
If one animal dies value $1,000.00 indemnity is $700.00 ($1000.00 less $300.00).
If a second one dies no deductible and $l,000.00 is paid in full.
Animals may be cancelled and others of equal value or total value may be substituted at no charge. Or the total volume of insurance may be increased by addition of other animals on the pro rata basis of $ .25 per 100.00 per month to expiration, or at $ .50 per $100.00 if loss has exceeded deductible. This is pro rata of the full annual rate as the policy through application of deductible has been automatically converted to standard policy with no further deductibles.
Herd or Group Plan policies may be cancelled in part or entirely on the short rate scale on the basis of what the earned premium would be at the 6% rate. This method of computation to apply at all times whether loss has been suffered or not. Entire premium is considered earned at fifth month from inception date
To utilize this plan best, consider total insurance as set volume not to be reduced but spread over listed animals. Re-place deleted animals with others to avoid reducing volume.
Shorthornguy
Well-known member
Thanks Mike, My farm liability covers anything I haul but it has to be my own because in WI you have to have a seperate lic to haul-buy-sell- cattle.Liability also covers anything getting out. I insure everything for a set dollar value which is an estimated replacement value. $500.00 deductible. This does not cover any natural death due to age , disease , or calving issues. This does cover any accidental death regardless of cause. Current cost is $1.16 per hundred of declared value.This is a part of my farm insurance package.
Cowboymom
Well-known member
We insure all the outside bulls we purchase, at least for a year. We are in really bad anaplasmosis country and even with a vaccination, we haven't brought a bull in here that hasn't come down with a case. Most of the time it isn't bad, but one of these days we are going to lose one. If the bull has a hard time aclimating to our country, we will insure him for another year. Since we are on the Central Coast of California, you would think that cattle would have no problems. Some do and some don't. We bought one bull from New Mexico that would not eat green grass!
We just carry liability on the rest of the cattle, it would be too pricey to insure them all. We insure the bulls for their purchase price. Which really isn't enough because if one died, we would have to beat the bushes to find another one!
We just carry liability on the rest of the cattle, it would be too pricey to insure them all. We insure the bulls for their purchase price. Which really isn't enough because if one died, we would have to beat the bushes to find another one!
r and s peckman
Well-known member
We get the insurance on anything that we purchase for the trip home. On the bulls, we will keep the insurance on them for one year, there is alot that can go wrong in that first year. If they look like they are going to be real good, I will get them collected and that will be my insurance policy.
MrBilly
Well-known member
We insure everything based on purchase price or estimated sale price for those born on the farm.
Billy
Billy
denoginnizer
Well-known member
I have insurance on a 50 of my cattle . It doesnt cover all the cattle but since I have cattle in 5 different locations I feel the odds of tragedy occuring everywhere to all of them is remote.
The insurance will cover any 50 anywhere I have cattle.
My insurance is about 5 dollars per head/ per year and covers events such as lightning , tornadoes and fire.
The insurance will cover any 50 anywhere I have cattle.
My insurance is about 5 dollars per head/ per year and covers events such as lightning , tornadoes and fire.
TheBullLady
Well-known member
I've also got insurance on my bull.. that's generally the highest priced bovine I have on the place. I've also got insurance on the last two heifers I bought, but they are out being shown, so it's more of a risk.
warpaint
Well-known member
I would have to go back and re-read my policy, but I think it says, anything I buy ( not born on the farm) is covered for 500, unless a natural event.
I get real confused when it comes to insurance and legal speak!!
I get real confused when it comes to insurance and legal speak!!
bullpeddler
Well-known member
We have occasionally insured a few animals, particularly bulls that cost a few bucks. Problem is the insurance only covers death, not loss of use. We generally collect our bulls before we turn them out. At about $1 per straw, that is cheap insurance in itself.
I don't understand why you would collect a bull as a form of insurance. If the bull up and dies in the middle of breeding season, how you gonna know which ones to AI?
I can understand it if it is some real special or expensive bull, but to collect him incase he dies doesn't make alot of sense to me?
There are bulls born pretty much everyday of the year. Put insurance on the bull so you can maybe get something out of him and go buy another.
I can understand it if it is some real special or expensive bull, but to collect him incase he dies doesn't make alot of sense to me?
There are bulls born pretty much everyday of the year. Put insurance on the bull so you can maybe get something out of him and go buy another.
Have to agree with you BullPeddler. The insurance is for mortality only.
Even if we just take them for a couple of jumps, semen will insure some of the genetics that we might have missed out on otherwise.
I even collect some of the bulls I sell before sale day cause the good ones are hard to get back.
Even if we just take them for a couple of jumps, semen will insure some of the genetics that we might have missed out on otherwise.
I even collect some of the bulls I sell before sale day cause the good ones are hard to get back.
C HOLLAND
Well-known member
MikeC":1lsqobfp said:
Mike, who and where do you get your bulls collected.
C HOLLAND
Well-known member
Thanks Mike, what is the cost to get a bull collected, I have a friend what wants his Lim bull collected. (cost per straw, min collection fee, etc)
I am currious too, during a collection,and I guess they are collected several times over a 2-3 day period. How many straws is average per collection.
I have had a few Boer goats collected a few years back, and they were collected 2-3 times in one day.
I am currious too, during a collection,and I guess they are collected several times over a 2-3 day period. How many straws is average per collection.
I have had a few Boer goats collected a few years back, and they were collected 2-3 times in one day.
bullpeddler
Well-known member
Collecting semen from an expensive or valuable bull in a purebred operation where AI is routinely done is the best form of insurance you can buy since it protects against mortility and loss of use. That said, it would be a waste of time for the average commercial guy who doesn't use AI and doesn't spend much for his bulls to have semen collected. More bulls become unusable due to injury than die so I would not send the money on the insurance for any thing less that $3,000. Your threshold my be lower than mine.
C HOLLAND":4pnrhw7x said:
Price per straw depends on the number collected.
I have collected anywhere from 0 to 1200 in a day.
If you want CSS Semen he will have to stay at the stud for 60 days minimum. Exportable semen may take longer, depends on where you are exporting to. Lots and lots of tests.
They collect 2-3 times per week and are jumped 2-3 times per day while staying "in house". Depends on the bulls' libido.
Just give them a signed blank check and tell them how many straws you want. They'll fill in the amount. :lol:
You can also take them for a "One Day" jump. It might freeze and it might not. Never know. This would be semen "Not For Sale".
DiamondSCattleCo
Well-known member
I don't carry any insurance on my animals, as it was cost prohibitive. Acts of God insurance was reasonably priced, and I carried it for a few years until I really got a look at the policy and realized there were only 10 or 12 things that were actually covered (one of which included an airplane crashing on your animals). Insurance for the breeding stock was going to cost close to $1000/yr/animal, so I gave up on that idea. Perhaps if I ever buy a very high dollar bull I will get some, but I have a tough time spending a $1000/yr on a $5 - 7000 animal.
Rod
Rod
