livestock insurance 1 the webinar will begin shortly. there is no audio at this time. this...
TRANSCRIPT
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Livestock Insurance
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The webinar will begin shortly.
There is no audio at this time.
This presentation is being recorded for your viewing pleasure at a future date.
The attendance and proctor forms are available under ‘Materials’ in the Webinar’s Console to the right.
The PowerPoint presentation is also available under ‘Materials’.
You will receive the course number for your state near the end of class.
Use the ‘chat’ window for questions on the content.
Sponsored By: The Hartford Financial
Services Livestock
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Welcome to your Insurance Community University
All of you are currently on mute Un-mute your own system Telephone Option
Select Telephone on your screen Dial in the PIN number so that your number becomes
active Microphone and/or Speaker Option
You can use this option if you have a headset that you use with your computer
Audio
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Participation & Chat Window You will receive information from the monitor via the
‘Chat’ window. Please locate window in the control panel
Q & A is welcomed during the presentation and at the end of the presentation
You will find the question box on your control panel Write your question in that box
and send it to the presenter/organizer
The presenter will take those questions in the order submitted
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DOI Requirements When you see a slide with the hand up symbol,
touch the “hand” icon on your control panel Click ONCE only
If you do not raise your hand, the monitor will be in contact with you in the chat box
If you are in a group, the designated proctor is responsible to make certain you are all in attendance at all times
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= Hand is down
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Polling
Throughout the class we will be conducting periodic polls
We need 100% participation on the polls The polls are intended to check
participation but also to create discussion topics throughout the presentation
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Forms To Complete for CE
After class ends Return attendance form Proctors – return your form to email
address Email address is in chat window or in
email sent to you today
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DOI Requirements
We will file your hours with the DOI after the completion of this webinar and we have received the attendance form.
You have 48 hours to return the form You will be sent a Certificate of
Attendance/Completion by email. Please retain this for your records for five years.
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Internet Disruption
If the presenter looses internet connection STAY ON THE LINE
The administrators will communicate with you
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Internet Failure
If the internet fails and all participants are kicked off line by Go To Training or other source then the seminar will be terminated
You will receive instructions by email as to how we will proceed
This is a precautionary notice, only
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This class is being recorded
Available in the University This course is approved for CE in CA Only
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DisclaimerInsurance forms and endorsements vary based on insurance company; changes in edition dates; regulations; court decisions;
and state jurisdiction. This instructional materials provided by Insight is intended as a general guideline and any interpretations provided by the instructor or the creator(s) of this material do not
modify or revise insurance policy language. In providing these materials, the authors assume neither liability nor responsibility
to any person or business with respect to any loss that is alleged to be caused directly or indirectly as a result of the instructional
materials provided.
Copyright 2010 – 2013 All Rights Reserved
www.insurancecommunitycenter.com
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Your Instructor Today
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Sponsored By: The Hartford Financial
Services Livestock
Mike Sergeant , AFIS Sales & Service Director, The Hartford
Financial Services Livestock
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Polling Question #1
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Topics Covered
Background on Livestock Insurance Specific types of Livestock Insurance
Mortality Insurance Pasture Insurance Feedlot Insurance Dairy Herd Insurance Auction Market Insurance Transit or Cargo Insurance Import/Export Insurance
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Exposures to Loss
At “scheduled” locations At “un-scheduled” locations On pastures or grazing land At an auction yard While in transit During loading or unloading
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Background on Livestock Insurance
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Polling Questions #2
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Background on Livestock Insurance Livestock is available under most Farm
Package Policies Livestock may be scheduled or included
under “property” in the form Caution:
Review values carefully Farm Policies have limited values which
may not cover the Livestock owner’s exposures
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Background on Livestock Insurance—Definition of Terms Purebred/Registered
The animal is registered with a Breeed Association and its bloodlines are recorded
Stocker A non-registered animal used for breeding or
dairy purposes Feeder
A non-registered animal being fed for eventual slaughter intended to enter the food chain
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Background on Livestock Insurance—Definition of Terms
Feedlot A lot or combination of buildings
intended for confined feeding and raising of livestock using supplemental feed sources
Pasture A confinement area where grass or
crop residue is used for livestock grazing
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Background on Livestock Insurance—Definition of Terms
Current Market Value The average market value for Feeder or
Stocker livestock as determined at the nearest applicable market or as published by the USDA price reporting service
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Background on Livestock Insurance—Definition of Terms
USDA The United States Department of
Agriculture which is the governing authority over all Agricultural related affairs within the US
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Mortality Insurance
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Polling Question #3
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Which of the following is a Covered Cause of Loss on a Mortality Policy?
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Mortality Insurance
This type of insurance is basically a type of Term Live type of coverage for Horses, Cattle and Dogs
The animal is insured against Death (or Destruction for humane purposes) which may occur during the policy period.
Covered causes of Death include “accident”, “Illness” and “disease”.
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Mortality Insurance
Additionally the policy contains the “hazards of transportation” anywhere in the U.S. and Canada.
Particular attention should be given to insurance company definitions of these coverage terms.
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Mortality Insurance
Rates for Mortality Insurance vary depending based on the use, age and value of the animal being insured.
A veterinarian exam is usually required by the insuring company prior to accepting the risk.
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Mortality Insurance
Most insurance carriers will accept a “Statement of Health” which is completed by the owner of the animal provided that the animal has been under the owner’s care for more than 30 days.
Livestock insured on a Mortality Policy are usually higher value “Registered or Purebred” animals whose loss would cause economic hardship to their owner
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Mortality Insurance
There are several endorsements available on a Mortality Policy offered for an additional premium. They may include: Surgical Coverage; Major Medical Coverage; Loss of Use: Limited Loss of Use; Emergency Colic Surgery and Breeding
Soundness Coverage.
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Pasture Insurance
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Pasture Insurance
This coverage provides protection to livestock (usually cattle) that are put on large expanses of pasture land to graze prior to being moved to a feedlot.
In the west, pasture land can consist of several thousand acres and usually involve leases of BLM (Bureau of Land Management) land.
In other areas pastures may consist of less than 20 acres.
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Pasture Insurance
Coverage under this type of insurance is available for one of three policy periods: Annual 12 month policy, Winter Policy ( Oct. 1 through April 30th) Summer Policy (May 1st through Sept.
30th).
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Pasture Insurance
Coverage is usually written as Specified Perils wherein the policy insures the livestock for “Death Only” when caused by a Specific Peril.
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Pasture Insurance Most policies provide perils including
Fire, Lightning, Drowning, Attack by Wild Dogs or
Animals, Electrocution by
Artificial Means,
Vandalism or Malicious Mischief,
Theft (Excluding Mysterious Disappearance),
Animal Collision Smothering Directly
caused by a blizzard or snowstorm.
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Feedlot Insurance
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Feedlot Insurance
Feedlot Insurance is similar in nature to Pasture Insurance.
The coverage protects Livestock which is in a confined area which are being fed grains and supplements.
This type of operation is usually a situation where the cattle are being fattened and will be sent to slaughter to become steaks and hamburger at the local supermarket.
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Feedlot Insurance Most policies provide perils including
Fire, Lightning, Drowning, Attack by Wild Dogs or
Animals, Electrocution by
Artificial Means,
Vandalism or Malicious Mischief,
Theft (Excluding Mysterious Disappearance),
Animal Collision Smothering Directly
caused by a blizzard or snowstorm.
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Feedlot Insurance
Typical perils NOT insured on the policy Grazing Lagoon, stagnant or flood water Contamination from sources other than
feed or water Errors in mixing of feed
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Feedlot Insurance
Limits of insurance will usually be written at “Current Market Value” and may have a Maximum Limit per Occurrence.
Feedlot operations are spread throughout the United States but the larger ones are concentrated in the states of Texas, Kansas, Oklahoma and Nebraska. These are prime areas where weather conditions can pose a serious threat to Livestock.
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Dairy Herd Insurance
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Dairy Herd Insurance
Dairies are similar to feedlots since they usually consist of cattle that are in a confined area and fed grains and supplements.
The difference is that in some areas, Dairy cattle are housed in enclosed structures while in the Southwest and warmer climates the cattle are kept in pole barns with fans and misters to keep them cool and comfortable
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Dairy Herd Insurance
In this situation insurance coverage is for ordinary Dairy cattle and can include Milking Cows and Heifers as well as dry cows.
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Dairy Herd Insurance Most policies provide perils including
Insurance protection is against Death or Destruction for humane purposes following a Specified Peril.
In addition coverage is provided for the Specified Perils including: Fire, Lightning, Drowning, Attack by Wild Dogs or Animals, Electrocution by Artificial Means, Vandalism or Malicious Mischief, Theft (excluding mysterious disappearance) Animal Collision and Smothering Directly caused by a blizzard or snowstorm.
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Dairy Herd Insurance
Dairy cattle values tend to fluctuate with the price of milk, however, keep in mind that the average Dairy Cow has a life span of 5-7 years and depending on the butter fat content of her milk, she can be difficult and expensive to replace should a loss occur.
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“Contaminated Feed & Water” Endorsement An endorsement for Feedlot and Dairy Herd
Insurance What this additional coverage form offers is
protection for Death of the Livestock when caused by a Contaminant in the food and water supplied to the cattle.
It is a Death Only coverage and can be purchased with a choice of Limits and Deductibles to fit each individual situation that Feedlot and Dairy owners may require.
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“Contaminated Feed & Water” Endorsement This endorsement has been an important
addition to coverage’s in the West and is spreading throughout the United States.
This insurance is rapidly becoming a Bank Loan requirement for larger facilities.
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Auction Market Insurance
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Polling Question #4
Have you visited a Livestock Auction, Feedlot or Dairy in your area
recently?
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Auction Market Insurance
Prior livestock forms death with cattle that was being raised either on a pasture near a farm or ranch or in a confined area such as a feedlot or dairy
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Auction Market Insurance
This coverage is usually written for the owner or owners of a Livestock Auction Facility.
In most cases these types of operations include buildings and pens which hold the livestock prior to and after the sale along with a Sale Ring where the animals are bid on by interested buyers.
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Auction Yard Coverage
Typical “premises” forms do not include auction yard locations
Transit forms cease when the transportation of livestock ends
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Auction Market Insurance
Auction Market owners are responsible for the Care, Custody and Control of the livestock when on their premises.
With Auction Market Insurance there is usually no deductible and livestock are insured for their “Current Market Value”.
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Auction Market Insurance
There are three broad categories of exposures/coverage
Yard Coverage This insures the animals received on the
premises and protects against loss to the Livestock while kept in the Yards resulting from Specified Perils such as Fire, Windstorm or Tornado, Electrocution, Hail & Theft while on the premises up to a period of 10 days.
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Auction Market Insurance
Accidental Death & Crippling while in the Yards This protects the animals from the
hazards of crippling or even death while being moved through the alleys, pens, sheds & barns of the Auction Market facility.
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Auction Market Insurance
Mortgage & Theft Coverage This is a protective measure for the Auction
Market business It is written to protect the Auction Market itself
from being held responsible for selling cattle that have a Mortgage on them and are sold through the Market but the Lender never receives payment for their monetary interest or mortgage that they hold on the livestock.
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Auction Market Insurance
The coverage’s are usually written as a monthly reporting type of Policy. The Auction market reports monthly gross sales and pays a percentage of those sales as premium for all three of the protective coverage’s offered.
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Livestock Transportation
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Polling Question # 5
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Do you work with Commercial Truckers who do long haul or may have occasion to haul
livestock?
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Transportation
Perhaps one of the greatest exposures that cattle have to loss and one which occurs on a daily basis throughout the U.S. is exposure to Death or Injury while being transported.
The usual mode of transportation is a specially designed livestock trailer which can be partitioned to separate large and small animals.
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Transportation A Farm Auto Policy may be written to
include Livestock which is owned by the insured and transported via a gooseneck trailer or Farm truck.
Caution: be sure to read the Farm Auto Policy to be sure that coverage under this form is not limited to only Dead livestock which is involved in an accident.
Check that limits per head follow the changing livestock market values.
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Transportation
There is Transit/Cargo Insurance specifically written to cover livestock which is being transported either by the Farmer or Rancher himself or by a Commercial Livestock Hauler who makes his living moving cattle across the country.
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Transportation
Two forms of stand alone Livestock Cargo Insurance are currently on the market.
Transit Limited Coverage this type of insurance is Limited to the
Specific Perils of Fire, Lightning, Collapse of Bridges or Culverts and Collision or Upset.
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Transportation
What is unique to the coverage is that should a loss occur due to a covered specified peril
The insurance is expanded when compared to a Farm Auto Policy to include Dead and Crippled Livestock.
In some cases it also will pay for Round up fees to gather the cattle following a Specified loss and will purchase the entire load of Livestock should the shipper deny the balance of the load of cattle.
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Transportation
Transit/Cargo Insurance is a Broad Form Transit Policy.
This form is expanded to include not only the perils of Fire, lightning, Collapse of Bridges and Culverts and Collision or upset but it also provides coverage for livestock which is basically being transported down a road and suddenly is jostled and gets down in the trailer and is killed or crippled.
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Transportation
The policy states in essence that “if the Livestock is loaded in good condition it will be unloaded in the same, like condition”.
Premium for this type of coverage can be expensive but it does provide the most extensive coverage for the Livestock hauler.
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Import/Export Livestock Insurance
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Import/Export Livestock Insurance Import and Export Insurance for Livestock is an ever
broadening opportunity in today’s Agricultural World. There are some businesses dedicated to providing
services to assist in the Import or Export of Livestock known as “Freight Forwarders”.
There are also individual Livestock breeders who wish to improve their current stock of breeding animals and actually travel to European Countries to contract for Bulls and Cows to add to their herd.
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Import/Export Livestock Insurance When writing this type of Insurance it is
recommended that as much information as possible be gathered at least 3 to 6 months prior to shipping of the Livestock.
Information to be noted are: Where are the Animals being shipped
from? Where are they being Shipped to?
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Import/Export Livestock Insurance
How are the animals being shipped? (the most common way is via air but there are still shipments of livestock that cross the oceans on a weekly basis)
Are the animals being shipped bred ? If they are bred how close to full term
are they?
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Import/Export Livestock Insurance Is there a quarantine period required
either prior to shipping or when they arrive at their destination?
Is transportation from the airport or dock also needed to get the cattle safely to their final destination?
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Import/Export Livestock Insurance Types of coverage offered with Import/Export
Insurance includes: Death and Crippling of the livestock while in
transit, be it via ship or plane. Protection for the Livestock while in
Quarantine prior to shipment. Protection for the Livestock while in
Quarantine after arrival at its destination Transit/Cargo coverage for trucking to the final
destination if needed.
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