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Farms present a uniquely diverse set of personal and commercial exposures, and the AAIS Farm Properties monoline policies give insurers the tools they need to write coverage for accounts that don't need or qualify for a package policy, such as farm rental properties and vacant farmsteads.
This program was enhanced in 2006 when new
equipment breakdown coverage options took effect. The
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.
The AAIS Farm Properties program provides:
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Forms, rules, and rating information for writing fire and extended coverages for farm dwellings, outbuildings, and farm personal property
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Three residential property forms that correspond with those in the Dwelling Properties Program
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An option to exclude a dwelling and insure only the farm features
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Five principal coverages: residence, personal property, additional living costs/fair rental value, farm personal property, farm barns/buildings/structures
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Farm-specific coverage options, including coverage for added animal perils, livestock blizzard peril, and borrowed/rented/leased farm machinery
Given that accounts insured by monoline farm property forms often have unusual risk profiles, some of the farm coverages provided in this program are less comprehensive than their counterparts in the AAIS Farmowners Program.
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