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Annual Revision of Insurance Coverage Recommended


In a virtual program devoted to insurance, representatives of Nationwide Insurance provided advice to the agricultural industry regarding insurance evaluation and common errors. Quoted in the weekly Texas A&M Agricultural Law Review the following recommendations were provided:-

  • Ensure that all employees and owners are declared as the named insured for vehicle policies.
  • Ensure that coverage is for replacement costs since in the event of a claim where coverage was based on actual purchase value, payment will be based on the depreciated value of the asset.
  • Ensure that realistic values are assigned to buildings, installations, and equipment.
  • Ensure that there are neither duplications nor uninsured assets in the portfolio.


An annual review of assets and insurance coverage is recommended.  In the past few months, a number of fires have occurred that were responsible for destruction of both relatively new and old houses. This resulted in a loss of facilities, flocks and disruption of ongoing activities and business continuity.