Insurance

[Bub]

I have heard about insurance on cattle I'm guess kinda like crop insurance can anyone explain how this works an where do you purchase it at thanks

 

[J&D Cattle]

Almost any agent that sells farm insurance will sell cattle insurance. Cattle insurance generally covers specific named perils and does vary with each company. You can also buy mortality type coverage if you have some high dollar animals. Most companies make you insure your livestock to within 80% of their value as well.

 

[BRYANT]

Got mine through AFR America Farm and Ranch cover them for so much per head up to ever how many you want to pay for. more important is a liability policy that covers you if one gets out and some one hits it and they get killed or hurt bad. I always buy the max its not that much higher than buying the min. There is a lot of sue happy people in this world now days, I have and app. with an Attorney this Fri. to set everything up in its own LLC. I am setting each property, each rental house, and each vehicle up in its own LLC.
My F&R policy also covers my tractor, dozer and some round bales of hay.

 

[farmerjan]

Our cattle are insured with the Farm Bureau that has our farm policy. They are insured for a certain amount per head. It covers death by certain "accidents", lightning being one of them, there are limits for certain things unless you are taking out a policy that is covering high dollar registered cattle and the allowable causes are different. There are companies that specialize in insurance for these high dollar animals. One of my farmers has it as some of his cows are worth over $100,000; he does alot of ET work and sells embryos all over the world. We mainly did it so that if any get out and someone hits them we are covered, but after having friends that suffered a big loss to lightning, we added overall death coverage.

 

[Bub]

Has anyone used or had the insurance for risk mangment on feeder cattle where if the price drops out it pays out the difference? Pros an cons to this insurance thanks for info

 

[midTN_Brangusman]

Got mine through AFR America Farm and Ranch cover them for so much per head up to ever how many you want to pay for. more important is a liability policy that covers you if one gets out and some one hits it and they get killed or hurt bad. I always buy the max its not that much higher than buying the min. There is a lot of sue happy people in this world now days, I have and app. with an Attorney this Fri. to set everything up in its own LLC. I am setting each property, each rental house, and each vehicle up in its own LLC.
My F&R policy also covers my tractor, dozer and some round bales of hay.

Bryant how much is the liability insurance if you don't mind me asking. I just acquired another farm lease and the owner has requested that I have liability insurance.

 

[BRYANT]

Got mine through AFR America Farm and Ranch cover them for so much per head up to ever how many you want to pay for. more important is a liability policy that covers you if one gets out and some one hits it and they get killed or hurt bad. I always buy the max its not that much higher than buying the min. There is a lot of sue happy people in this world now days, I have and app. with an Attorney this Fri. to set everything up in its own LLC. I am setting each property, each rental house, and each vehicle up in its own LLC.
My F&R policy also covers my tractor, dozer and some round bales of hay.

Bryant how much is the liability insurance if you don't mind me asking. I just acquired another farm lease and the owner has requested that I have liability insurance.

I have a farm and ranch policy that covers the liability up to 640 ac. it can be in different places as long as it is not over 640 ac. It is written in with my home so I don't know for sure how much it is. It is for 500,000 that is the max they offer. We have a 240 ac. that is in my mothers trust that she also has it on and she does not own a cow, all the cows belong to me, but it protects her in case someone says she was the owner of the fence that let the cattle out. In Okla. some times it is cheaper to have a F&R policy than a home owners depending on how many claims the state has had. Okla.is one of the worst states for Ins. claims due to our different weathers.
PM me if you need me to I can call my agent and find out how much the Lia. cost some Lia comes with the police but we increased it to 500K. Its sad the way it is now days but there is a lot of people out to sue you if they think you got a little money. My agent says if you carry 500k that is enough that MOST of the time that is all they will sue for???

 

[Turkeybird]

Farmersjan, have you ever filed a cattle claim w/ farm b.? I did and realized I was getting ripped off and canceled my livestock policy

 

[papavillars]

Turkey bird, I carry fb insurance. I have not had a claim on animals, equipt, or structure. Can you explain why you were dissatisfied. Every company is good till you need them.

 

[farmerjan]

Yes, we lost 12 cows this past spring. Lots of "it could be this", no definite diagnosis, had vets out, autopsied, labs,...only thing they could say for sure is that it could have been lightning since we were also having a rash of severe storms. Had the cows insured for $750 each and they paid with no problem. We also had a claim on a round baler that came loose when the pin through the hitch apparently snapped and it went through a fence and turned over. Totalled the baler according to the dealer that we had do an appraisal. Got paid for that and no hassle. We have a farm policy with 1 mil liability in case of any animal getting out and on the road, getting hit etc. All the equipment is listed separately. All the places we rent are listed not just the total acreage. I don't know the cost, my son does all the "farm taxes" etc. Have not been unhappy. Have a great relationship with the staff in the office.

 

[js1234]

Has anyone used or had the insurance for risk mangment on feeder cattle where if the price drops out it pays out the difference? Pros an cons to this insurance thanks for info

I have not used that NAP program or whatever it is. I do use all facets of risk management within the commodities boards though. Puts, Calls, spreads, hedging out right, locking up corn etc.

 

[riquezada]

Farmersjan, have you ever filed a cattle claim w/ farm b.? I did and realized I was getting ripped off and canceled my livestock policy

I

got ripped off too. For several years I was driving over what I thought was a foxhole or something. One day we had a calf bawling for its mother and finally seen a pair of cow ears sticking out of the ground. This foxhole thing fell in when our daughters cow was over it. It was like 4' diameter and 5'-6' straight down. The cow was straight up and down. It took a large loader from a nearby rock quarry about a half a day to dig her out. Anyways I called and called the number the agent gave me and finally got someone who said land movement was covered but this wasn't. About 50 yards away I have a 3/4 acre sinkhole that's been there for years. If that wasn't land movement I would like to know what is. The vet was called but he cow died the next day or so. I cancelled fearing something else I paid for wouldn't be covered either. FB insurance is totally worthless. I would go without before I'll ever send them premiums again...there are millions of sinkholes here in a South Central KY. Were over Kardt limestone...

 

[wbvs58]

$500,000 or even 1 million for public liability sounds a bit light. Most policies here are for 20 million.

We learnt how to sue from the US, it sounds like we are good learners. Bluddy solicitors.

Funny, the state in Australia that I live in is the only state that has the old law that with livestock the owner is not liable for damage that stray cattle may cause. The legal profession is doing its utmost to have that changed, they are the scourge of the earth.

Ken

 

[Turkeybird]

I have a umbrella policy, equipment, vehicle, home and structure coverage that I have been well pleased with also I am on the co. Board. I had 30,000$/ occurance policy and when I had lightening strike they called and asked how many cows I owned, I said sometimes 300 sometimes 600, so they prorated 30000$ across the total herd #. They sent me a check and I carried it back to their office and told em if they needed $ that bad to keep it. This was when cattle were sky high and I canceled my cattle policy

 

[J&D Cattle]

I have a umbrella policy, equipment, vehicle, home and structure coverage that I have been well pleased with also I am on the co. Board. I had 30,000$/ occurance policy and when I had lightening strike they called and asked how many cows I owned, I said sometimes 300 sometimes 600, so they prorated 30000$ across the total herd #. They sent me a check and I carried it back to their office and told em if they needed $ that bad to keep it. This was when cattle were sky high and I canceled my cattle policy

That's a typical practice when you are grossly under insured.

 

[BRYANT]

I had lightening strike they called and asked how many cows I owned, I said sometimes 300 sometimes 600, so they prorated 30000$ across the total herd #. They sent me a check and I carried it back to their office and told em if they needed $ that bad to keep it. This was when cattle were sky high and I canceled my cattle policy

my agent explained it to me when I bought ins. that if you insure a 100 head of momma cows at 1000.oo each then say you loose 10 to lightning and the adjuster comes out and finds you have 200 head of momma cows then they will only pay 500.00 per head. Its important that you insure for the max rate of momma cows that you will have, bulls are separate and calves do not effect it. It cost like 9.00 per year to insure a 1500.00 cow.

 

[Turkeybird]

The agent said that no one in their office was familiar w/ livestock coverage and we did just as they advised us when getting covered, as for being underinsured I may have been on my cows but as much $ as I give them every year I felt they could have been a lil more thorough,I still feel ripped off b/c they told me that's all I needed

 

[Gators Rule]

I'm a insurance agent, but I'm not too familiar with FB's policy, but I see two errors. 1) Your agent was correct in stating that no one in their office was familiar with that particular coverage. That's commendable. Even after 32 yrs in the business, I say it often...but where they messed up was by not getting familiar before writing and advising you. 2) you should not have let them done so when it was clear they were not up to speed on the policies. I will say how the claim adjuster handled the calculation does sound legit, and it's probably how all companies would handle a case involving grossly underinsured items. I don't fault the claim department, but that "not being familiar" comment probably would leave a sour taste in anyone's mouth. I can see how it could happen though.

 

[BRYANT]

I had a rent house burn and FB sent an adjuster out I was there and ask a few question of which non she could answer. she called me 3 days later wanting to know what my appraisals to repair it was, told her I did not get any we do the work our self, I knew about what it would cost. I ask her what she was thinking she said '' I don't know for sure I am a auto adjuster they sent because they did not have home adjuster that could come''. we thought there was around 60k in damages, she calls 2 days later say if I do the work myself they will pay me 12k and if I hire it done they will pay 16k. So I call out a co. that does this kind of work there bid 62k I told them what was going on they said let us do the work I we will get the money out of FB. I said sounds good they wound up getting close to 65k to do the job when it was all said in done, I did not have to worry about a thing, It was great.