Include GPS Systems When Insuring Equipment
I am On Your Side®
_________________________________________________________________________
Steve Uhlman | Sponsor Relations Sales Manager
Nationwide Insurance
614-332-4945
[email protected]
We’ve written before about the importance
of insuring your homes and farm buildings to
their current values, but it’s just as important for
farmers and ranchers to also have their equipment
insured to an adequate value. When making sure
your equipment limit on your farm insurance
policy is adequate, here are several things to
consider.
Equipment values vary as the demand for
used equipment ebbs and flows in your area
of the country, as well as with the usage and
maintenance performed on the equipment.
Because of this fluctuation, the purchase price
of the equipment may not be the current value.
Without adjusting for this change in equipment
markets, you could find yourself under-insured
when a loss occurs.
Farm and ranch operations are also utilizing
more and more technology. The Nationwide®
Agribusiness AgriChoice® farm policy can
include coverage for Global Positioning System
(GPS) equipment. If a piece of equipment has
permanently attached GPS components, the value
of these components needs should be included in
the value of the equipment.
If GPS components are portable, such as a
display that can move from unit to unit, these
also should be included either as an individually
scheduled farm personal property item or as part
of your farm personal property blanket. GPS
activation fees may also be associated with these
items. The value of the activation fees should also
be insured.
Keep in mind, the value of GPS components
and their activation fees can increase the value
of equipment quickly. Having these values
accounted for in your insurance limits will help
to make sure you aren’t surprised at the time of a
loss and are able to get back to normal operations
as quickly as possible.
To find a local farm agent, visit http://www.
farmagentfinder.com/
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MCCONNELLSBURG MOTOR & IMPLEMENT
875 Lincoln Way East • McConnellsburg, PA • (717) 485-3181
[email protected] • www.mcmoim.com
6 West Virginia Farm Bureau News