General insurance Benefits of Insuring Your Farm Animals

Alexandoy

VIP Contributor
This type of insurance suffered much earlier this year when the African Swine Flu came to town. When a pig shows symptoms of the disease the entire livestock in the farm is burned to prevent the spread. I have to admit that I don't know if those affected farms were insured but the government gave them financial aid for the losses of their livestock.
 

sincerem

VIP Contributor
If their is funds we shouldn't think about the money to cover up for the premium. We can't say no need for insurance, we shouldn't forget how emergency dreaded sickness can hit our livestock overnight making them given up to life. With insurance we can get compensated when the worst occurs.
 

Wisdom01

Valued Contributor
This type of insurance, in my opinion, should be categorised as either property or business insurance. It all depends on what those farm animals mean to the person who wants to insure them. If the farm animal is used for business, the owner should purchase business insurance, but if it is used for personal reasons, the owner should purchase property insurance.
Yeah that's true ,if it involves a large scale the person could just go for a business one , because the person would get the premium payment at a very cheap rate ,since he is covering a large amount of business property ,there might even be discount for the person too
 

dagm

Active member
This type of insurance, in my opinion, should be categorised as either property or business insurance. It all depends on what those farm animals mean to the person who wants to insure them. If the farm animal is used for business, the owner should purchase business insurance, but if it is used for personal reasons, the owner should purchase property insurance.
 

Wisdom01

Valued Contributor
Livestock Insurance's main objective is to provide complete protection to farmers, cattle rearers and ranchers against any eventual loss of their livestock animals due to death. Finding the best livestock Insurance will give farmers the right coverage from a wide range of perils and charge them with an affordable premium.
Yeah I really agree to the fact that finding the best coverage for livestock insurance company would really make the farmers enjoy the premium benefit when it's time for the risk to get covered ,after the risk been insured have taken place or have happened ,and it also give a sign of peace of mind to the farmers that are actually rearing
 

Nite

Valued Contributor
Livestock Insurance's main objective is to provide complete protection to farmers, cattle rearers and ranchers against any eventual loss of their livestock animals due to death. Finding the best livestock Insurance will give farmers the right coverage from a wide range of perils and charge them with an affordable premium.
 

Wisdom01

Valued Contributor
The good thing about any insurance company is the fact that you get compensated it anything goes wrong with your insured item or object in the case of any loss. Just like here that ones chicken can be replaced it anything goes wrong. That's how it should to enable people the benefits
Yeah if you are paying the necessary premium at the required day and time ,you would get the necessary benefit incase of any issue happens to the the risk you are insuring against occur ,I think if they don't replace the Chicken they know you could sue them to court ,so they would have to do the needful
 

Augusta

VIP Contributor
The good thing about any insurance company is the fact that you get compensated it anything goes wrong with your insured item or object in the case of any loss. Just like here that ones chicken can be replaced it anything goes wrong. That's how it should to enable people the benefits
 

Wisdom01

Valued Contributor
Every business need to be insure against risk and not just farm animals. There are a lot of advantages or benefit insuring one's business, if there is a case of diseases outbreak that causes mortality in the farm it will be a great lose to the farm owner buy if sure business has been insured against sure risk then he will be compensated by the insurance company and this will help him to get back on his feet.
There are truly a lot of benefit attached to insuring your farm animal against different risks , because most times when the person takes look at the high cost of replacing the animal after it have been attacked by that particular risk ,it would best for the person to get an insurance policy and coverage next time
 

Jasmine

VIP Contributor
In the urban areas people insure their pets, in the rural areas people insure their cattle and other farm animals. While pet insurance is to cover the pet medical bills, insurance of farm animals is to get financial coverage from the loss or diseases of farmers' cattle. If you are a farmer, you need farm insurance.
 

Mika

VIP Contributor
If you are raising farm animals like chickens, goats, pigs, cattle, etc. it is highly recommended that you insure your farm animals. If you have insured your animals and if the insured animal dies from disease and accidents, you can get financial compensation.

Let say, you are raising 100 chickens and 90 percent of chickens die due to avian influenza. If you have insured your chicken for $1000, you can get 70-100 percent financial compensation, in other words even when your chickens die, you can get $700-$1000 from the insurance company. In case nothing happens to your chicken during the insured period, all you have to lose is the premium you have paid to the insurance company. Generally speaking, the premium is less than 10 percent of the insured amount.

Insuring your livestock can help you recover the financial loss if anything happens to your animals.
 

Mika

VIP Contributor
Farm animal insurance comes under agriculture insurance and not all insurance companies offer this kind of insurance policy. However, whether you own an industrial farm or are a small farmer, insuring farm animals makes sense because it provides coverage for all the financial risks associated with losing your animals due to disease and even old age.
 

Richee84

Active member
Every business need to be insure against risk and not just farm animals. There are a lot of advantages or benefit insuring one's business, if there is a case of diseases outbreak that causes mortality in the farm it will be a great lose to the farm owner buy if sure business has been insured against sure risk then he will be compensated by the insurance company and this will help him to get back on his feet.
 

Wisdom01

Valued Contributor
But this should be mostly applicable with people who owns large farms and with a lot of animals there , because they could easily insure as they want and they won't pay premium that might take away all the profit they have from the farm animal business they are actually using to make money
 

Mandy96

Valued Contributor
Should we say this type of insurance is under business insurance or it is under life insurance. According to insurance policy generally I think most of these insurance policies do have a lot in common and it will be very complicated for someone that does not really know much about insurance to differentiate sometimes.
 

Jamoflondon

Verified member
I think this kind of insurance should be classified under property insurance or business insurance. it depends on what those farm animals stands for the individual intending to insure them. If the farm animal serves as business for the owner then he or she should go for business insurance but if they are for personal use then he or she should go for property insurance.
 

Yugocean

Valued Contributor
Here is a short story of an animal farmer shared to me in Hindi. A shepherd from plain land purchased some mountain goats for value of 400-500$ each, all his goat die due to hot weather and Shepherd lost his investment. People must have to buy such insurance if they have chance.
 

kayode10

VIP Contributor
How I wish my brother is here reading this article. Probably in might have not lost all is farm animals when a virus broke out among them and claimed the life of about 90% of them. And I think is more than capable to pay the premium every quarter of the year.
 

Mataracy

VIP Contributor
I guess not all insurance companies do provide this kind of insurance. This is because it may be listed on some non insurable risk. It may be difficult to measure the risk associated with this type of business. The diseases is usually as a result of the negligence of the farmers
You are right. Though that type of insurance is very good . In my country I have seen somebody who insured his fish pond and when flood swept off the fishes but when insurance company came.They paid for all the loss incurred.
But in some cases its very risky in a country where there is no good security because the insurance company may not take up such contract due the high risk involved.
 

btaliat

VIP Contributor
I guess not all insurance companies do provide this kind of insurance. This is because it may be listed on some non insurable risk. It may be difficult to measure the risk associated with this type of business. The diseases is usually as a result of the negligence of the farmers
 
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