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The variety and complexity of modern farming operations demands a lot from a standard insurance product. While agriculture is increasingly dominated by large commercial operations, most farms are still family-owned with a residence on the premises.
AAIS led the way by introducing a Farmowners Program with modular components designed to make it easy to structure coverage for any type of farm operation--family, corporate, or specialty.
Equipment breakdown
coverage options were developed in conjunction with The Hartford Steam Boiler
Inspection and Insurance Company, but can be used with other
reinsurers as well. Information on the options is found in a press
release announcing the filing.
This program includes:
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Five dwelling forms: basic perils, broad perils, open perils-dwelling, open perils-dwelling and contents, and
tenants
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Dwelling coverages and rating information analogous to those in a standard homeowners program
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One streamlined form for covering farm structures and scheduled and/or unscheduled farm property
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Four options for liability coverage: AAIS farm personal, AAIS farm commercial, AAIS general commercial, or any industry CGL (A policy can also be written for property coverage only.)
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The industry's only standard endorsement option for insuring home-based businesses under a farmowners policy
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