Share via Email


* Email To: (Separate multiple addresses with a semicolon)
* Your Name:
* Email From: (Your IP Address is 3.216.79.60)
* Email Subject: (personalize your message)


Email Content:

Annual Revision of Insurance Coverage Recommended

10/27/2020

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.