Unfortunately, the agricultural industry has a heightened exposure to hay fires this time of year. As we move later into the summer months the temperatures become higher and we see less moisture. The grasses and weeds near farms and ranches begin to die and turn into a major fuel source for a fire. If you have hay or alfalfa stacked on your operations, are you adequately insured? It is recommended that you consult with your insurance agent to ensure you understand critical factors, such as:
-Total limit of hay coverage – What will it cost to replace at the time of loss?
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
-Stack limit – Some farm policies may limit you.
-What is the minimum distance required between stacks? Some policies require 100 or 200 feet.
-Can you manage your spread of risk by having multiple stacks around your operations; rather than having all of the exposure in a single stack?
If you have questions, please contact our AgriBusiness team at (970)356-0123.