Insurance - help - Please Advise

[BobbyLummus1]

I was quoted $550 for liability insurance on 129 acre lease property I acquired ( seems high to me for this small of number cattle ) . I will have around 30 cows on the property the first year and gradually grow to capacity in year two . The property owner wants be added as a additional insured . I know the policy automatically insures the cattle as well , which I didn't want but comes with it . This is a million dollar liability policy . I'm not a insurance guy and don't claim anything unless its a catastrophe . Please advise

 

[John SD]

That seems high to me, but you would have to get someone knowledgeable about insurance to do an "apples to apples" comparison.

All of my insurance is with State Farm. I have a basic ranch policy that covers my house, pole shed, quonset, round baler and Kubota tractor. Costs $1500yr for this insurance with $5K deductible on any losses.

Also carry $100K/$300K liability on all vehicles. Then I have a $1M umbrella liabilty policy associated with the other coverage limits that costs $200/yr.

Your price quote may not be out of line if you are talking a stand alone liability policy.

I've had the same $1M coverage for over 20 yrs. I've sometimes wondered if that is enough in this lawsuit-happy society we live in today, or if I should increase my coverage. $1M sure doesn't go as far as it used to when lawyers become involved :?

 

[Banjo]

You should be able to add that property to your existing farm policy for a few dollars more per year. That is what my agent advised me to do recently.
The landowner should have his own liability insurance on the place.
My agent advised adding a place that I lease to my already have farm policy just in case an accident happened or the cows got out and caused a wreck etc. He said now a days people will sue everyone involved including me because I owned the cow even though the farm had liability ins. on it by the landowner, doing this would cover me he said.
Insuring the cows is pretty expensive and probably where a lot of the cost is.
This is with Farm Bureau.

 

[Texas PaPaw]

Should be able to add leased premises onto your current home or farm policy. If current carrier won't do this, find one that will as adding 129 acres to existing policy should cost very little. A separate policy should not be necessary nor desirable.

 

[John SD]

I might add if you are running cattle on a leased place and using an ATV in the process, you probably should also have liability insurance on your ATV :idea:

I've had liability on my ATVs for years because as it was explained to me, I'm only covered if I'm riding the ATV on my own place. Not at the neighbors, and not if I let someone else operate my ATV.

My current ATV is both street legal and insured.

 

[etr]

That seems high to me, but you would have to get someone knowledgeable about insurance to do an "apples to apples" comparison.

All of my insurance is with State Farm. I have a basic ranch policy that covers my house, pole shed, quonset, round baler and Kubota tractor. Costs $1500yr for this insurance with $5K deductible on any losses.

Also carry $100K/$300K liability on all vehicles. Then I have a $1M umbrella liabilty policy associated with the other coverage limits that costs $200/yr.

Your price quote may not be out of line if you are talking a stand alone liability policy.

I've had the same $1M coverage for over 20 yrs. I've sometimes wondered if that is enough in this lawsuit-happy society we live in today, or if I should increase my coverage. $1M sure doesn't go as far as it used to when lawyers become involved :?

yep, i think it almost mandatory to have an umbrella policy if your doing any kind of business with outside people. in todays society you can't have enough insurance coverage/protection sucks but couple hundreds bucks a year helps me sleep better at night. My main source of income is restaurants, we operate 50 in 3 states. Now that is some liability insurance premiums.

 

[John SD]

That seems high to me, but you would have to get someone knowledgeable about insurance to do an "apples to apples" comparison.

All of my insurance is with State Farm. I have a basic ranch policy that covers my house, pole shed, quonset, round baler and Kubota tractor. Costs $1500yr for this insurance with $5K deductible on any losses.

Also carry $100K/$300K liability on all vehicles. Then I have a $1M umbrella liabilty policy associated with the other coverage limits that costs $200/yr.

Your price quote may not be out of line if you are talking a stand alone liability policy.

I've had the same $1M coverage for over 20 yrs. I've sometimes wondered if that is enough in this lawsuit-happy society we live in today, or if I should increase my coverage. $1M sure doesn't go as far as it used to when lawyers become involved :?

yep, i think it almost mandatory to have an umbrella policy if your doing any kind of business with outside people. in todays society you can't have enough insurance coverage/protection sucks but couple hundreds bucks a year helps me sleep better at night. My main source of income is restaurants, we operate 50 in 3 states. Now that is some liability insurance premiums.

My cousin is currently on the witness stand in a lawsuit against a dude ranch he used to work for.

Guy reined the horse in too harshly and suddenly, horse went over backwards, guy was injured, now suing for big $$$.

The court thing is dragging out and cousin thinks even though the unfortunate incident was entirely the guy's own fault, he may cash in big.

 

[BobbyLummus1]

Thanks for these responses , it helped , I got it added to existing policy on the farm for a little extra $