Farm Insurance Blog Series- Part VIII- Exclusions to the Loss Forms- Basic and Broad
At Ferranti-Graybeal, our mission is to educate our clients so they are better prepared for what life may bring. It is important to understand your insurance policy, what it covers, what it doesn't, so that you're not caught off guard and also simply because it's protecting your livelihood! We strive to do our very best to get the information out there that is important for our clients and prospects to understand.
Farm Insurance has many moving parts. We will break those parts down into bite size chunks for you to consume. Today, the topic of exclusions for the loss forms will be discussed. We'll show you what is NOT covered, or is excluded, from the three different forms of loss for Farm Insurance. It's as important to know what's NOT covered, than what is!
Exclusions for the Basic, Broad, and Special Loss Forms
- Ordinance or law- Ordinance or law regulating the construction, use or repair of any property or demolition of any property, including the cos of removing debris.
- Earth Movement- Includes earthquakes, landslide, mine subsidence, or earth sinking, rising, or shifting. However, if loss or damage by fire or explosion results, the insurance company will pay for the damage/loss
A. Earthquake loss to livestock
B. Special Cause of Loss Form covers earthquake loss of farm machinery, vehicles, and equipment.
3. Volcanic Eruption- Includes volcanic eruption, explosion, or effusion
A. If loss or damage by fire or volcanic action results, the insurance company will pay for that resulting damage/loss.
4. Government Action- Seizure or destruction of property by order of governmental authority, unless the action is taken at the time of a fire to prevent its spread, if the fire would have been a covered cause of loss.
5. Intentional Loss- The insurance company will not pay for any loss or damage arising out of any act committed by or at the direction of any insured with the intent to cause a loss.
6. Nuclear Hazard- Including nuclear reaction, radiation, or radioactive contamination, however caused.
Exception: If loss or damage is from fire, the insurance company will pay.
7. Services that are off-premises- Failure or power or other utility services that occurs away from the location.
A. If loss or damage by a covered loss happens, the insurance company will pay for it
B. Coverage is provided by the coverage extension- refrigerated products.
8. War and military action- This includes undeclared or civil war, warlike action by a military force, including action in hindering or defending against an actual/expected attack.
9. Water - Loss or damage caused by:
Flood, surface water, waves, tides, tidal waves, overflow of any body of water, all whether driven by wind or not;
Mudslide or mud flow;
Water that backs up from a sewer or drain; or
Water under the ground surface pressing on, or flowing or seeping through foundations, walls, floors, paved surfaces, basements, doors, windows, or other openings.
A. If loss or damage by fire, explosion or sprinkler leakage results, the insurance company will pay for that resulting damage/loss
B. Flood loss to livestock
C. Special Causes of Loss form covers flood loss of farm machinery, vehicles and equipment.
Stay tuned, our next post we will break down some more exclusions that are applicable to the Special Form of Loss Form
Our team at Ferranti-Graybeal would love to help you customize an insurance plan that's right for your individual needs. We have a team of experts waiting for your call!
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