Agri Insurance

Agriculture Machinery Insurance

HSB Offers Farm Equipment Breakdown Insurance in Connecticut.

HSB is making farm equipment breakdown insurance easier to access and more affordable for farm owners by helping other insurance companies automatically package equipment breakdown coverage in their farm owner’s policies.

Changing Equipment Risks:
Farms have changed, so have the risks. Farming has always been an equipment-intensive business. Modern farms are using precision farming techniques with sophisticated systems that are sensitive and prone to breakdown.

Embedded Coverage and Services:
HSB offers customized farm equipment breakdown insurance and services designed to be integrated within insurers’ farm owner’s products. By insuring a portfolio of business HSB make equipment breakdown coverage more affordable than individually underwritten policies.

HSB approach offers the following advantages to farm insurers:
1. Product Differentiation - HSB’s customized farm equipment breakdown insurance product can differentiate your farm owners' product from competitors.
2. Risk Free Income- HSB fully reinsures equipment breakdown loss as stated in the treaty. So the ceding commission farm insurers retain is risk free income.
3. Affordable Premiums - By including equipment breakdown coverage as a standard element in farm owners' policies, farm insurers can broaden coverage while keeping premiums competitive.
4. Simplicity and Economy - Automatically including equipment breakdown coverage eliminates the need for individual account transactions and reduces handling costs for insurers and their agents.
5. Valued Coverage - Modern farms have a substantial investment in equipment and their income is very dependent upon it. Including equipment breakdown coverage is a valued addition that meets farm owners changing needs.
6. Full Service Support - Insurers don’t need to add expense or staff to provide equipment breakdown.

Farmowners equipment breakdown coverage pays for losses such as:
1. Direct physical damage to covered equipment
2. Lost farm income arising from a covered breakdown
3. Expenses to limit loss and speed recovery
4. Loss value of spoiled products and materials due to breakdown

Equipment breakdown covers risks standard farmowners policies don’t:
1. Mechanical breakdown
2. Electrical short circuits
3. Centrifugal force
4. Boiler overheating, cracking and bulging
5. Pressure vessel bulging cracking and collapse

Equipment breakdown covers a wide range of equipment such as follows:
1. Pumps for irrigation and farm animal water supply
2. Generators to power farm machinery and for back-up power
3. Farm refrigeration units
4. Boilers and pressure vessels
5. Heating and cooling systems
6. Farm water heaters
7. Mechanical equipment
8. Electrical distribution systems
9. Heating and cooling systems
10. Computers and electronic equipment
11. Stationary farm machinery, engines and motors

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