The Rural Voice, 2006-01, Page 271v
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Most plans provide a percentage
of your corporate salary or net
income, says Winslade. If your net
income for tax purposes is low but
your accrual is higher and more
related to your living costs, try to get
coverage for that amount.
Livestock insurance varies widely
according to the type of livestock.
For larger stock the policy contract
will have an upper limit of value for
an individual animal. Individual
animals with a higher value should
be identified and listed separately on
the livestock schedule.
The named perils list for livestock
is longer than for buildings including
such items as accidental shooting,
drowning, electrocution, attack by
wild animals and non -owned dogs,
blizzard, snowstorm, sleet storm or
rainstorm, falling or collapse of
buildings and trees, entrapment,
piling, smothering and fumes.
For swine and poultry producers
you might want to add optional
endorsements such as power
interruption insurance to insure
against death and destruction due to a
lack of heat or ventilation because of
a power interruption. This coverage
will normally require a standby
generator and alarm system to be
installed and tested monthly, says
Winslade. (A power surge
endorsement is offered by some
companies and available for
residence and farm buildings.)
Heat prostration is a common
added coverage for poultry but only
applies when ventilation is working
and stocking rates are not excessive.
Producers growing under contract
may require insurance coverage for
non -owned livestock.
Liability insurance is becoming
increasingly important. There are two
basic forms, Cruickshank and
Wigood explained. Farmers Liability
offers more limited coverage.
Commercial General Liability offers
broader coverage. While policies
traditionally have $ I million
coverage, Wigood urged farmers to
look at $2-$3 million.
Winslade points out a number of
activities farmers might generally
consider as normal farm practices
such as custom spraying, pick -your -
own operations and horse -riding
lessons may require a special
endorsement on your policy.
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JANUARY 2006 23