FARM BUILDINGS: They must be in good structural condition to be insurable. Coverage amounts should be realistic with size of the building. New construction can now have replacement cost coverage, but depreciation is used in losses to older buildings. The weight of ice and snow is not a cause of loss to older buildings, but can be added to new construction. The cosmetic loss exclusion will also apply to metal roofs and structures. Please contact us if we can help you with coverage on your farm buildings.
METAL BUILDINGS: Buildings with steel, pole or frame construction covered with metal roofing and sidewalls. The building must be fully enclosed and have a pole or continuous concrete foundation.
METAL GRAIN BINS, BULK BINS AND EQUIPMENT: This classification includes bins with drying fans, grain dryers, storage bins, bulk bins, grain legs and miscellaneous equipment.
GRAIN COMPLEX: A grain complex is a grain handling or storage facility made up of interconnected bins, buildings, and/or equipment. Equipment may include but is not limited to grain legs, downspouts, conveyors, transfer augers, dump pits, cleaners, grain dryers, scales, control panels and electrical equipment.
QUONSETS: Buildings with steel or frame construction covered with arched metal roofing/sidewalls and secured on a continuous concrete foundation.
BUILDINGS WITH AN OPEN SIDE: Buildings of steel or frame construction with one open side. This includes an addition or a lean-to, but in does not include portable buildings.
POST 1950 FRAME BUILDINGS: Buildings of frame construction built on or after 1950.
METAL SILOS AND EQUIPMENT: Metal silos in the classification must have a concrete foundation.
HOOP BUILDINGS: Buildings with a steel framework covered by fabric. The steel framework can be installed directly on the ground or on concrete or wooden walls.
PORTABLE BUILDINGS: Buildings within this classification are capable of being carried or moved from one location to another.
ALL OTHER BUILDINGS: This classification is used for all buildings that do not fit into one of the other building classifications.
FENCES: Fences, corrals, pens (permanent or the portable type that are left at one location), chutes and fence line feed bunks located on the insured premises may be insured as a specific item. This coverage does not apply to field and pasture fences.
REPLACEMENT COST - BASIC COVERAGE: The minimum value of buildings is $7,500 to insure with replacement cost, and the building needs to be insured for 100% of cost of construction, and can not have any open ends. Grain bins must be bolted to the foundation to get replacement cost. The replacement cost with basic coverage does cover the weight of ice and snow, which is not covered unless endorsed on the building.
REPLACEMENT COST - SPECIAL COVERAGE: The minimum value of buildings is $7,500 to insure with replacement cost, and the building needs to be insured for 100% of construction cost, and can not have any open ends. Grain bins must be bolted to the foundation to get replacement cost. The replacement cost with special coverage includes weight of ice and snow, rodents and melting of wires in a harness with no fire.
ACTUAL CASH VALUE: When replacement cost is not endorsed on the policy, actual cash value is paid in losses, applying deductions for depreciation of the building by age and condition.
EXCLUSION OF COSMETIC LOSS: If the hail is not severe enough to cause damage to the metal roof covering and does not allow the penetration of water through , and all it does is alter the appearance, this endorsement was developed to exclude cosmetic loss to metal roof coverings by hail. If the hail is severe enough to cause damage that will allow penetration of water through, coverage will apply toward the repair or replacement of the roof.