What is Farm & Ranch Insurance? |
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From crop storage to chemical drift, farm and ranch operations have a unique set of needs and risks that traditional insurance coverage may not meet. Travelers Agribusiness understands this, and our field experts can help you customize coverage that will protect you and your growing business. Through the experience and expertise of our dedicated Agribusiness underwriters, risk-control specialists and claim handlers, Travelers' customers can expect industry-informed insights and answers when they need them.
* The above are just our key coverages and enhancements. Speak to your agent today to learn about all we have to offer.
Coverage Options Include:
Source: https://www.travelers.com/business-insurance/agriculture/farm-ranch Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance. On average, the federal government subsidizes 62 percent of the premium. In 2014, crop insurance policies covered 294 million acres. Major crops are insurable in most counties where they are grown, and approximately 83% of U.S. crop acreage is insured under the federal crop insurance program. Four crops—corn, cotton, soybeans, and wheat— typically account for more than 70% of total enrolled acres. For these major crops, a large share of plantings is covered by crop insurance. In 2014, the portion of total corn acreage covered by federal crop insurance was 87%; cotton, 96%; soybeans, 88%; and wheat, 84%.
Source: https://en.wikipedia.org/wiki/Crop_insurance |