IISA – Business Interruption and Equipment Breakdown for Farms

by Insurance Institute of Southern Alberta

December 07, 2023

Did you know that there are 190,000 farms in Canada – and the average insured value of their operations grows each year? Unfortunately, many farm policies don’t have adequate coverages, considering both their size, complexity and the significance of the exposures they face. Protect yourself and your clients from unexpected and underinsured losses.

Tailored products have been developed to provide the unique and specialized coverages required for these exceptional enterprises. You will be introduced to Equipment Breakdown exposures in intensive farm livestock operations (heating, cooling, feeding, watering, waste removal, and the wide variety of handling/processing equipment), seed growing and processing facilities, and others. Gain greater credibility with clients and be able to recommend the coverages most suited to their needs.

WEBINAR OBJECTIVES
• Discuss farm equipment breakdown coverages:
• How it applies to a wide variety of farm types
• The significance of this risk and different options to insure against these losses
• Optional coverage and/or limitations
• Identify a wide variety of types of equipment that are typically found in farm operations
• Review farm Business Interruption / Loss of Income in depth:
• Coverage options and how losses are settled
• Different Business Interruption / Loss of Income needs of complex farm risk
• How to counsel and protect a client’s income losses in a significant loss, with consideration to operations where multi-year income loss may occur
• Illustrate how both farm equipment breakdown and business interruption coverages may or may not apply during a claim event by using loss examples
• Understand and describe unique underwriting aspects of farm risks
• Explain how claims are settled for these types of exposures on farm