Insurance

[rocket2222]

I was just wondering how you all estimate the value of your cattle when you insure them. Seems like the premiums now are so high, unless you lose a bunch of them at one time, [which may happen more than I think it does], it hardly seems worth while having it.

 

[HerefordSire]

I was just wondering how you all estimate the value of your cattle when you insure them. Seems like the premiums now are so high, unless you lose a bunch of them at one time, [which may happen more than I think it does], it hardly seems worth while having it.

The cost basis since you don't want your premiums any higher than necessary. There are other ways to hedge cattle besides insurance.

 

[Avalon]

I only insure partnered Bulls that may later go into stud. I've only insured one so far. We dropped once he was a 2 year old and had been collected. I do nothink I could afford premiums on the entire herd.

 

[grannysoo]

You may find things change if you have the right insurance company. My entire farm is insured, the cows, the equipment, the hay, the shelters, everything.

If you're not using farm/ranch coverage from Farm Bureau, you should check it out. It's very reasonable and they pay!

 

[Weaver]

We have insurance also on our entire farm and it came in very handy a couple years ago. I don't know if the cow was possed or was chased through the fence by something but she went through a 5 strand barb wire fence with another strand of smooth electric wire and was hit by a car. There was an elderly couple in the car who wasn't seriously injured but the car was totaled. The couple wanted to take us to court saying it was our fault the cow got out. Our insurance company came out, looked the situation over, talked to me for a while and told me not to worry about a thing, they would take care of it because that's what we had paid insurance for. It ended up that our insurance backed us up and made the couple pay for it out of their own policy. We didn't have to pay a cent or worry about a thing. It was very comforting knowing we had them going to bat for us.

 

[DOC HARRIS]

I was just wondering how you all estimate the value of your cattle when you insure them. Seems like the premiums now are so high, unless you lose a bunch of them at one time, [which may happen more than I think it does], it hardly seems worth while having it.

rocket2222-Insurance is not necessary - -IF you never have a claim and therefore never need it. HOWEVER - -if you have a problem, just like Life Insurance or Health Insurance, and end up really having a problem - then you will thank GOD that you had some financial and experienced help that otherwise could Bankrupt you and destroy your business for now - and in the future!

The important factors are - do the math and research and get the Insurance that will supply your needs, whether it is for the entire expense, or just part of it, and the Insurance Company's Attorneys will do the hard part of what you CAN'T do. Our society right now is "suit" oriented, and will do so at the drop of a hat. Don't be penny wise and pound foolish.

I was an Insurance Adjuster years ago, and I KNOW how these people function! You can't win, especially if you THINK you can!! Trust me! Take my word - and don't go into the teeth of a blizzard naked!! They will R-R-Rip your hide off and laugh at you in the same breath!

DOC HARRIS

 

[r and s peckman]

insurance poor

 

[DOC HARRIS]

insurance poor

Maybe so. But at least you are not bankrupt and looking out of a jail cell.

DOC HARRIS

 

[rocket2222]

I was just wondering how you all estimate the value of your cattle when you insure them. Seems like the premiums now are so high, unless you lose a bunch of them at one time, [which may happen more than I think it does], it hardly seems worth while having it.

rocket2222-Insurance is not necessary - -IF you never have a claim and therefore never need it. HOWEVER - -if you have a problem, just like Life Insurance or Health Insurance, and end up really having a problem - then you will thank GOD that you had some financial and experienced help that otherwise could Bankrupt you and destroy your business for now - and in the future!

The important factors are - do the math and research and get the Insurance that will supply your needs, whether it is for the entire expense, or just part of it, and the Insurance Company's Attorneys will do the hard part of what you CAN'T do. Our society right now is "suit" oriented, and will do so at the drop of a hat. Don't be penny wise and pound foolish.

I was an Insurance Adjuster years ago, and I KNOW how these people function! You can't win, especially if you THINK you can!! Trust me! Take my word - and don't go into the teeth of a blizzard naked!! They will R-R-Rip your hide off and laugh at you in the same breath!

DOC HARRIS

I have good insurance coverage, it just seems like it cost to much, but I'd not really thought about getting sued for some reason. I was just thinking that for what I was paying to cover the herd annually would cover the cost of buying a replacement
every 3/4 years.

They will R-R-Rip your hide off and laugh at you in the same breath!

BTW you really should try and get some help with that s-s-stutter

 

[ga. prime]

You may find things change if you have the right insurance company. My entire farm is insured, the cows, the equipment, the hay, the shelters, everything.

If you're not using farm/ranch coverage from Farm Bureau, you should check it out. It's very reasonable and they pay!

Agree with you on Farm Bureau being a good company to insure with.. For instance, say you have 100 cows. You can insure 20 against death by lightening strike. No names or numbers needed. You will be reimbursed for any number up to twenty killed by a single lightening strike. And, it can happen. And, the coverage is less expensive than you would expect..