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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content
The
Pitfalls of Farmers Insurance
By Terry
Ross
Farmers
insurance is more specialised than some other insurance policies
in that not only does farmers insurance cover every aspect
of the business but it can also cover the private dwelling
as well.
There
are many possible ‘bolt ons’ to farm insurance which can cover
such things as farm buildings, the farm house (basically householders
insurance), livestock, equipment, business interruption and
personal possessions.
It
is becoming increasingly apparent that many farmers have an
inadequate level of farmers insurance partly due to the inability
to support the cost of the insurance premiums but also as
a result of the continually changing needs of farmers insurance
which is becoming ever more complex.
One
of the main areas that farmers have proved exposed in recent
years is the lack of farmers insurance relating to environmental
issues surrounding the use of chemicals on the farm. Many
farmer insurance policies physically exclude any damage due
to chemical leakage or damage due to the use of chemicals
around the farm despite the high costs that can be associated
with chemical disasters which could leave many farmers in
financial ruin. What is worse is that most farmers are blissfully
unaware that they do not have chemical insurance cover!
For
those farmers that do not have the cost of chemical cleanups
and other costs associated with chemical disasters included
in their farmers insurance could find themselves in a no win
situation in any claim that is anyway related to chemicals.
It
is vitally important that all farmers actually understand
exactly what is and is not included in their farmers insurance
policy and take steps towards obtaining cover for those areas
of their business which perhaps remain unintentionally without
insurance cover.
Another
area in which some farmers leave themselves exposed is when
they allow but are not insured for shooting or other forms
of recreational pursuits held on their land. Farmers should
seek legal advice to ensure that they are covered for any
use of their land either through farmers insurance or by means
of legal disclaimers.
In
addition, farmers need to be consciously aware of the ever
changing needs relating to their farmers insurance making
sure any changes in working practices or use of the farm are
fully covered through there farmers insurance policy and that,
as a matter of habit, they continuously remove unsafe objects
or fix anything that might pose as a danger to farm workers
or the general public as they are out and about on the farm.
For
more about farmers
insurance visit 24-7-insurance.com
Article
Source: http://EzineArticles.com/?expert=Terry_Ross
The
information supplied on this page is by a third party and
jml Property Services do not take any responsibility to its
accuracy ©jmlpropertyservices 11/06
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