Insurance

[cutterone]

Currious how many of you insure your cattle and in what form. Are they under a "blanket form" in your farm policy? How about semen & embryos?

 

[per]

We only insure the first breeding season of a purchased bull and only for broken parts, frost etc. Other than that, liability insurance to cover all farm disasters like a car hitting a cow or a cow hurting someone.

 

[jigs]

I only cover the bulls.

 

[Frank in West Dakota]

I tried insuring our cattle, wasn't cost effective.
Only insurance the company would offer was drowning and lightning. I don't lose enough to either drowning or lightning to pay for the premium.

I was talking to a guy the other day, he has same company I do, he was saying his policy will pay pretty good. He got a policy that covers weather related losses. He lost quite a few in the storms we had.

If it's the same company, how come my agent didn't tell me about the weather related policy, if there is such a thing?

 

[Northern Rancher]

The livestock financing we use has insurance for cattle under contract-full mortality under feeder cattle and the option of full or limited under mature cattle. On bulls if I think one shows promise I put up a semen bank.

 

[cutterone]

I'm finding more about ours and I'm not totally happy. It covers all perils but they are now claiming that "fair market price" is salvage only. So that would mean that if you had a cow or bull valued at say $2500 - 3000 they would pay about .35-.40 / pound less the deductable. Now if you have a major event and several die then it makes it somewhat easier to swallow but far below the actual value. My argument with them is that the policy says fair market value and I atribute that to the value per the type animal represented, not salvage.
A friend of mine says his insurance is his AI tank.

 

[Faster horses]

The only thing we insure is the horses on our ranch policy.
And that paid off because we had a horse struck by lightening that
I had paid $6700 for 3 months prior. Wish we still had the horse tho,
cuz he was a good one!!!!

 

[Richard Doolittle]

Several years ago, I insured my cows and bulls. I don't remember the cost, but it was reasonable. I don't even remember what company it was through. At that time, you could pick the value that you wanted to insure for, and pay accordingly. I think I insured my cows at $800 or something like that and paid so much per hundred dollars per head.