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SECTION I – COVERAGES - page 5 / 7

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LOSS CONDITIONS 1. Livestock

With respect to "livestock", the term loss means death or destruction caused by, resulting from or made necessary by a covered cause of loss.

2. Coinsurance

You must maintain insurance on unscheduled "farm personal property" to the extent of at least 80% of its actual cash value as of the time of loss. If you fail to do this, the percentage we pay of any loss will be the result produced by dividing the Limit of Insurance actually carried by the required Limit of Insurance.

The following provision applies in the event of loss of or damage to machinery or equipment within 30 days after the purchase of additional or replacement machinery or equipment.

If the Limit of Insurance actually carried becomes inadequate due to the purchase of additional or replacement machinery or equipment, then, up to $50,000 of the value of the newly purchased machinery or equipment will be omitted in determining the required Limit of Insurance.

3. Valuation

In the event of loss of or damage to covered "farm personal property", we will settle at actual cash value as of time of loss, but we will not pay more than the amount necessary for repair or replacement.

4. Coverage Territory

We cover loss or damage commencing within the coverage territory. The coverage territory is:

  • a.

    The United States of America;

  • b.

    Puerto Rico; and

  • c.

    Canada.

SECTION II – COVERAGE EXTENSIONS

A. Property In The Custody Of A Common Or Contract Carrier

This Coverage Extension applies to Coverages E and F.

Coverage is extended to apply to "farm personal property", insured under Coverage E or Coverage F, while in the custody of a common or contract carrier, for up to a total of $1,000 under each of these Coverages. However, if a higher limit is specified in the Declarations for Coverage E or Coverage F – Property in the Custody of a Common or Contract Carrier, the higher limit will apply to the Coverage(s) specified, instead of $1,000.

B. Covered Property Away From The "Insured Location"

This Coverage Extension applies to Coverage E.

  • 1.

    Coverage is extended to apply to Covered Property while away from the "insured location", for up to a certain percentage of the Limit of Insurance shown in the Declarations for the specific type of property, as follows:

    • a.

      25%, for Miscellaneous Equipment Usual or Incidental to the Operation of a Farm; or

    • b.

      10%, for other types of property.

  • 2.

    This Coverage Extension is part of, not in addition to, the applicable Limit of Insurance or Special Limit of Insurance.

  • 3.

    This Coverage Extension does not apply to:

    • a.

      "Livestock" or individually insured farm machinery, vehicles or equipment which are described in Paragraph 1.j. or 1.k. of Covered Property;

    • b.

      Property while in the custody of a common or contract carrier;

    • c.

      Property stored or being processed in manufacturing plants, public elevators, warehouses, seed houses or commercial drying plants; or

    • d.

      Property in public sales barns or public sales yards.

  • 4.

    Under this Coverage Extension, the greatest proportion we will pay of any one loss is the proportion we would have paid if every policy covering the property involved in the loss had provided the same coverage as this Coverage Extension.

C. Replacement Machinery, Vehicles And Equipment Newly Purchased

This Coverage Extension applies to Coverage E. A Special Limit of Insurance equal to $50,000 plus the corresponding limit specified in the Declarations for individually scheduled items of Farm Machinery, Vehicles and Equipment applies

to

any

item

of

property

purchased

as

a

replacement equipment.

of

such

machinery,

vehicle

or

The additional $50,000 coverage will end:

1. 30 days after the date of purchase of the replacement item; or

2. When this policy expires; whichever comes first.

In no event will we pay more than the actual cash value as of the time of loss.

A newly purchased vehicle or item of machinery or equipment is covered under this Coverage Extension only to the extent that it is not covered under another Coverage or Coverage Form of this or any other policy of the "insured".

FP 00 13 01 98

Copyright, Insurance Services Office, Inc., 1997

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