Unlike the commercial property program, all three causes of loss:
* Basic
* Broad
* Special Form
Are incorporated into the farm property policy. The coverage desired for all farm property is indicated in the declarations page. Notice how the property is treated in the farm coverage forms? Each type of property has its' own section describing what is and is not covered. It is not unusual in insurance to find additional coverage in the exclusions. Sometimes, what is not excluded, is covered.
Notice how Coverage E does not have a coinsurance while Coverage F has an 80% coinsurance. Why do you think that might be? Do you think that it is the type of property? Do you think it is the nature of the coverage? Bring some ideas to class on Monday.
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1 comment:
need 3 causes of loss for various pts of prop cov. dwg may qualify for either,barns usually broad,unless newer,farm personal broad,but can get special on machinery & eq.(to pk up rock ingestion of a combine).Farm pers is scattered at var.loc's,therefore
chance of total loss minimal,so co's usually allow pay prem on 80% of total blanket amount
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