South Easthope Mutual was originally organized and founded by farmers in 1871. They came together to form the company to mutually protect their property from fire. Everyone shared in the risk. Farms are now considered businesses and have certainly evolved in the last century and a half, as have the insurance products developed for farms. We’ve highlighted a few of the farm coverages you may not have heard of or may want to consider for your operation.
Farmer’s Accident Insurance
A dairy farmer accidently falls off a ladder and breaks her leg. She is unable to bear weight on it and cannot milk the cows for six weeks while the leg heals. The farmer needs to bring in extra help to get the daily milking done which will add a significant cost to the farm’s monthly bottom line. This is a situation where Farmer’s Accident insurance would have been very helpful.
Farmer’s Accident insurance was designed to provide farmers with coverage for situations where they are injured or killed by an accident on or off the farm and cannot carry out their regular functions related to the farm business. The coverage is generally available for designated people whose primary income is made mainly from the farm business. Farmer’s accident coverage is meant to and will make payments to help cover Replacement Labour Costs and to provide Accidental Death and Dismemberment Benefits.
Loss of Use for Farm Machinery
Imagine you’re in the middle of the busy harvest season and you have an insurable loss – perhaps a combine fire. Harvest must go on and you may need to rent another similar combine while waiting for yours to be repaired. Rental costs can be significant.
South Easthope Mutual offers the ‘Farm Machinery Loss of Use’ coverage to our members. It covers the rental of a piece of farm machinery of similar size and capacity after an insured loss.
This coverage can be added to any South Easthope Mutual farm policy as long as the farm meets our underwriting guidelines. Please talk to your South Easthope Mutual agent or broker about the guidelines.
Exterior Wiring Coverage
Our farm packages have coverage limits of $5,000 for exterior wiring. We consider exterior wiring the power lines on a farm property. Some farms have very long laneways with several poles bringing wires in from the road. If several of these were damaged or destroyed in a windstorm, one could easily find out the limit of $5,000 may not be sufficient to bring in a power company for repairs. We developed the Exterior Wiring Coverage just for this type of situation. If you looked at your property and thought you had a lot of exterior wiring that could quickly add up if you had a loss, you may want to consider adding this additional coverage.
Insuring Off Road Utility Vehicles
Off Road Utility Vehicles such as John Deere Gators have come to play an essential role in getting the work done on farms. They’re always there and ready to go until they aren’t and you realize it’s been stolen.
We’ve recently had a lot of claims for stolen utility vehicles, especially Gators. They’re a very hot commodity. Please make sure you remove the key when not in use and have the utility vehicles properly insured, listed on your auto policy.
South Easthope Mutual is here to help make sure that you have the coverages you need for your farm. If you have any questions about these or any other farm coverages please contact your South Easthope Mutual agent or broker.