The Cost of Crop Insurance

“Crop insurance premiums are going to be substantially higher this year,” said Jim Mintert, a Purdue University Agricultural Economist.  “There’s really two big factors driving those premiums up.  One is the dollars of revenue that you’re covering, and as the dollars of coverage goes up, those premiums go up. The second factor is volatility. Prices this year in February were more volatile than they were in February a year ago, so those two factors are driving premiums up.” 

That is why Mintert, and fellow Purdue University Agricultural Economist Michael Langemeier, urged farmers to think carefully about their crop insurance decisions.  Langemeier said farmers should be prepared for some “sticker shock” when they make their crop insurance selections this year. 

However, there is good news regarding crop prices and government payments in 2020, as they were quite strong. Grain farm also tallied robust incomes. It was the first time in many years that net returns to land met or exceeded cash rental rates. This is likely to happen again in 2021, Langemeier said in a recent webinar. 

cost of crop insurance graybeal group

Crop Insurance Projected Prices 

These crop insurance projected prices were calculated in February of 2021:

Corn – $4.58

Soybeans – $11.87

 These Projected Prices are higher than the past few years.

Corn

2021 – $4.58

2020 – $3.88

2019 – $4.00

2018 – $3.96 


Soybeans

2021 – $11.87

2020 – $9.17

2019 – $9.54

2018 – $10.16


Higher Projected Prices means more revenue coverage in 2021.

For a 200 bushel APH corn farmer, 85% Revenue Protection means $119 more coverage per acre in 2021 compared to 2020.

For a 55 bushel APH soybean farmer, 85% Revenue Protection means $127 more coverage per acre in 2021 compared to 2020.

Click here for a quick and easy cost estimator!

General Advice for Farmers:

Langemeier and Mintert offered the following advice to farmers – 

Revenue Projection:  Put much of your focus on revenue projection. While there are several types of yield protection products, revenue projection protects against a reduction in prices as well as yields. In the past few years, farmers have been inclined to buy higher levels of coverage, although it differs regionally. 

“Even though premiums are higher this year, we do not recommend that you reduce coverage this year to try and save on premium,” Langemeier said. “I think there’s enough downside risks this year, and you will want that protection that you get with the coverage level you’ve been using in the past.”

Harvest Prices:  Harvest prices matter.  Several years ago, the Risk Management Agency modified the rules regarding harvest prices. Rather than having to opt-in to have harvest prices considered in coverage, farmers now have to opt-out. Basically, revenue calculations will be issued based on whichever is higher – the average price during February or the average price during October. 

Langemeirer suggests buying revenue protection with the harvest price exclusion is not worth the lower premium.  “The projected price versus the harvest price is extremely powerful. If the harvest price increases, you get a higher revenue guarantee as you’re protecting those more expensive bushels,” he said.  When harvest prices are higher, it tends to be by a sizeable margin. 

Consider what type of unit you purchase carefully:  Enterprise units, which combine all basic units of one crop in one county together, are typically the most affordable because they are subsidized at approximately 80 percent. Optional or basic units will be more expensive, however they are more likely to pay overtime. They could be a good option for farms located within a county that has considerable variation in yield potential. 

Supplemental Products:  Supplemental products are not for everyone. However, they can be useful. Farmers have two choices, the Supplemental Coverage Option (SCO) and the Enhanced Coverage Option (ECO). ECO is new this year, and delivers an extremely high level of coverage, from your choice of 95 percent or 90 percent to as low as 86 percent. 

Both coverage products pay out based on county-level guarantees, which poses challenges when it comes to having a clear understanding of the type of coverage you have. Mintert and Langemeier are opposed to lowering your revenue protection if you are thinking about buying these products.

“It’s certainly not a no-brainer on whether it’s worth it,” said Mintert.  “This is something for individual farms to look carefully at to determine if the additional revenue guarantee is worth the additional premium.” 

Farms that have yield histories that closely monitor their county averages may very well have an easier time assessing ECO. What’s more, Langemeier said that farms that have tight working capital and cannot afford a small loss should consider ECO. 

To learn more about how Graybeal Group Inc. can assist with your crop insurance needs, click here!

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland, and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

WORKER’S COMPENSATION- WHAT IS IT? WHY WAS IT CREATED?

Worker’s Compensation Insurance was developed to make sure workers are protected on the job, from illness or injury- as long as the illness/injury was caused due to work-related activities while at work. Because these laws were developed, an employee cannot sue their employer that has Worker’s Compensation Insurance. Why? Because the insurance will pay out according to a schedule mandated by the law.

DOES OREGON REQUIRE ME TO HAVE WORKERS COMP INSURANCE?

Oregon law states that employers are required to carry Worker’s Compensation Insurance.  The employer does have the choice to purchase this insurance through a private commercial insurance company, they do not have to purchase through the state, or they may self-insure for Worker’s Compensation. Self-insured means the company must show they have the financial ability to make prompt payment of all compensation and any other payments as well. They also must have staff on hand to process the claims within a timely manner. Most companies purchase Worker’s Compensation Insurance through a Commercial Carrier, rather than self-insure.

injury worker oregon workers compensation

WHAT ARE THE BENEFITS OF DISABILITY INCOME IN OREGON?

The Average Weekly Wage is the maximum benefit you can receive from Worker’s Compensation in Oregon. The weekly benefit payable is 66 2/3% of your earnings, subject to the max benefit (Average Weekly Wage). The state figures this number out by taking the average weekly wage of workers in covered employment during the last calendar quarter of the prior fiscal year. Also, the Oregon waiting period to begin receiving pay, is three days.

THE SURVIVOR/DEATH BENEFITS FOR AN EMPLOYEE’S SPOUSE/CHILDREN IN OREGON:

  • Dependent child’s benefit (if no surviving spouse): Each child receives a monthly benefit equal to 4.35 times 25% of the average weekly wage until they’re 18 unless for some reason their entitlement goes past the age of 18. If the child is in high school full time, they are entitled to these benefits until they are 19.
  • Dependent child (college-higher education): If the child is attending higher education or begins within 6 months of graduation from high school, benefits will be continued until the child is 23. The benefits will cease at the earliest of: child stops attending or they graduate. They also must be enrolled part-time at school (half) to be eligible for these benefits.
  • The maximum family benefit payable for a surviving family can not exceed 4.35 times 133 1/3% of the average weekly wage. If the sum of the benefits is above the maximum, each child’s share is reduced proportionately.
  • If the surviving spouse remarries, they will be paid a lump sum payment equal to 36 times the monthly benefit which will then be considered settlement of the account. However, this does not affect children’s benefits- they will continue.
  • Monthly benefits are paid 4.35 times 66 2/3% of the average weekly wage until remarriage. The surviving spouse also receives a benefit equal to 4.35 times 10% of the average weekly wage for each dependent child, until the child is 18.
  • The cost of burial, transportation of the body cannot exceed 10x the average weekly wage.

For more on the benefits of a worker’s compensation insurance policy, click here!

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing in Oregon

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

Auto insurance and car accidents go hand-in-hand; but what if you are injured in a car accident? What happens then? Oregon law requires that drivers carry personal injury protection (PIP) for a private passenger vehicle. The following are who is covered under Personal Injury Protection: 

  1. The insured
  2. Passengers in the insured’s vehicle
  3. The insured when occupying another vehicle
  4. The insured while walking (pedestrian)
  5. Any pedestrian struck by an insured vehicle

Anyone occupying the insured’s vehicle are covered at the time of an accident, up to the Personal Injury Limits of insurance, regardless of fault

auto insurance medical expense coverage oregon

WHAT ARE THE BENEFITS THAT ARE COVERED UNDER MEDICAL FOR OREGON AUTO INSURANCE? 

The following are the benefits paid out by a Personal Injury Protection portion of your auto insurance policy: 

  1. Loss of Income: Income benefit is payable up to 52 weeks. There is a 14 day waiting period before this benefit kicks in. 70% of your income, up to $3K per month is allotted for this benefit. 
  2. Burial Allowance; Necessary and reasonable funeral expenses incurred within a year after the accident. The limit for this benefit is $5K. 
  3. Child Care: If you are injured and in the hospital for more than 24 hours, the insurance company will pay $25 per day towards childcare, with a maximum limit of $750.
  4. Loss of  Essential Services: Up to $30 per day (after a 14 day wait period).  Will pay up to 52 weeks for coverage of expenses for essential services the insured normally had. 
  5. Medical Payments: Necessary and reasonable medical, dental, hospital, surgical, ambulance, and prosthetic services incurred within one year of the accident. The minimum is $15K per individual that’s covered. 

WHAT’S NOT COVERED UNDER MEDICAL PAYMENTS IN OREGON?

The following are not covered under medical payments for any bodily injury- these things are excluded from coverage: 

  1. While in any motor vehicle that’s not classified as a private passenger auto or any vehicles with less than two wheels. 
  2. While occupying a vehicle that is being used as a residence (motorhome that’s stationary)
  3. If the insured auto is being used as a public or livery (Any distinctive identifying uniform worn by a group, such as the uniform worn by chauffeurs) conveyance, except in the case of shared carpool.
  4. If used during employment and there is Workers Comp insurance that will cover the injury. 
  5. If you’re in an accident involving one of your vehicles that you do NOT have insurance coverage for. 
  6. Doesn’t apply to the named insured; sustained while occupying or when struck by an uninsured auto that is owned by a family member or furnished for his/her use. 
  7. Other than a family member using the insured’s covered auto, sustained while occupying a vehicle w/o belief/knowledge that the insured is entitled to do so.
  8. If war is the cause- Insurrection, civil war, revolution, etc. 
  9. From a nuclear reaction, radiation, or radioactive contamination
  10. Competing in, practicing, or preparing for any prearranged or organized racing or speed contest.

If the limit of liability shown is $15K, that means the insurance company will pay that amount for EACH individual in any one accident occurrence.

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

When a company’s worker’s compensation costs start to rise, this is indicative of workplace caused injury or illness. That’s when Execs start looking at ways to reduce costs and spending for their insurance policies. One way to do this is to have a sound safety program in place, that meets the criteria and is compliant with OSHA (Occupational Safety and Health Administration).

How do I build a safety program compliant with OSHA?

  1. Research OSHA standards to determine what types of things you will need to incorporate into your safety program to make sure it complies with OSHA standards
  2. Start implementing the program into daily work life for your staff
  3. Schedule and provide regular safety trainings throughout the year to maintain a constant awareness of the possible threats so they can more easily be avoided
  4. Make sure you have scheduled audits set up for your program and your work areas to ensure compliance is not broken and to push for continuous improvement.

worker's compensation for injury oregon

WHO CAN HELP ME DEVELOP A SAFETY PROGRAM FOR MY COMPANY?

If you would like help with this, this is a service we do provide for our clients. Contact us today! Our producers are highly trained in Worker’s Compensation insurance and provide our clients with Safety Manuals, Quarterly Safety Reviews, Setting up a Training Schedule and often providing the Live Training for your Company. Also, we will set up scheduled times to go over your Loss Run Reports and your X-Mod to see how and where we can reduce costs for you (Safety trainings being one way) .

Many of the OSHA standards require some type of written program be developed and then communicated to employees. Experience shows that companies with thoroughly developed OSHA-compliant programs have fewer accidents, more productive employees and lower worker’s compensation costs

HOW DO I INTEGRATE SAFETY PROGRAMS INTO MY COMPANY’S DAILY OPERATIONS?

Policies alone won’t get results; the program must move from paper to practice in order to succeed. Putting a policy into practice requires a strategic plan clearly communicated to key participants, good execution of that plan based on developed competencies and a culture that inspires and rewards people to do their best.

Make sure the managers and supervisors are on board- esp. the supervisor/mgr that will be working alongside the team at the worksite. When implementing new practices, it is imperative that the “bosses” are seen complying and practicing what has been communicated as the way you now do things. Accountability begins at the top. If your managers and supervisors are not practicing what you are trying to preach, buy-in from other workers/staff is going to be extremely difficult.

There are many other parts and pieces to developing and implementing a successful Safety Program. Please give us a call for a free review and let us show you what we can do for you, to help you prevent accidents and Worker’s Compensation claims from rising.

For examples of workers compensation scenarios, click here to visit OHSA’s website!

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

With unemployment hovering near historic lows, competition for new hires is heating up. The pool of available talent seems to be shrinking. That inevitably puts pressure on the nonprofit sector, when it struggles to compete against for-profits on paychecks.

That pressure is almost certainly being felt among non-profits in Washington and Oregon which, between them, account for more than 400,000 not-for-profit employees.

nonprofit oregon

So, what can a nonprofit organization do to raise its game in this tight job market?

PLAY TO YOUR STRENGTHS

The most obvious approach is to play to your strengths. You may not be able to compete on pure salary levels but there could be opportunities to create an overall attractive package by including other items or demonstrating flexibility in your employment policy.

For example, If you can’t compete on pay, can you compete on perks? “There are benefits that have great value to a candidate,” says Tom Friel, former

CEO and chairman of the nonprofit Bridgespan Group.

For example, occasional working from home, daycare, additional vacation time, or even offering a candidate the freedom to earn additional income beyond their job.

Another potential competitive edge could be the reputation and culture of your organization. It’s worth investing the time and effort to raising the profile of your organization in a positive way.

Look for example at the current list of organizations that feature in the list of “100 Best Nonprofit Workplaces” published by Oregon Business

Magazine, or the nonprofits section of the “100 Best Companies to Work Forproduced by Seattle Business magazine.

You might even think about contacting key people in some of these organizations to learn more about what they do to enhance their images.

BE PREPARED

Another key aspect of a successful recruitment policy is having a clear recruitment strategy, both for the organization as a whole and for individual campaigns.

Unfortunately, this is an area where some not-for-profit organizations have fallen seriously short. Take a medium to long view on the job implications of your nonprofit organizational strategy to identify gaps in current skills sets and begin the process of building a talent pipeline.

Tom Friel notes: “A lot of organizations hire for a perceived need without doing it against the background of understanding what the strengths and weaknesses of the organization and the staff are, particularly against that need.”

In other words, make sure you’re hiring the employees you need. The smaller your organization, the less you can afford to get things wrong.

You need a documented, structured hiring process that includes details of where you will look, your budget, advertising targets, your timetable and the creation of job descriptions. This can then be applied to each recruitment campaign.

Also, ensure your interviewers are properly trained both to interview effectively and to “sell” your nonprofit organization. Online feedback suggests this is a particular weakness in the not-for-profit sector with interviewers lacking clarity, duplicating questions or focusing too much on selling the organization and simply not asking enough questions.

LOOK WITHIN

Are you adequately tracking and training your home-grown talent for potential promotions? Also, can you talk to them about their own contacts, asking whether they know of individuals who might make suitable hires?

Position your current staff in a way that will unlock their potential. Determine whether your team members are performing below, at, or above their current responsibilities,” says Elizabeth Chung from leading online fundraising platform Classy.

“Then consider whether they can succeed in an advanced role. You should also ask your staff about their own aspirations. Continue to develop their skillsets.”

And what about your volunteers — might any of them be looking for a paid role or do they know someone who is?

MORE WINNING TACTICS

Other things you can do to enhance your chances of employing the right people include:

  • Review past recruitment successes. Which ad media and job sites were used and which attracted the best candidate?
  • Separate the “must-haves” from the “nice-to-haves” in terms of
    job requirement qualifications. For a particular job, draw up a list of the absolute essentials. Do candidates really need those professional qualifications? Exactly what depth of experience is essential?
  • Don’t be tempted to roll several responsibilities into a single job. This is common among non-profits but generally not appealing to job candidates. Even if they initially accept this, they’ll quickly feel overworked and lacking in focus. They won’t hang around.
  • Seek feedback from candidates on their interview experience and their observation about your organization and the people they met. Encourage frankness. This will stand you in good stead for future campaigns.
  • Look beyond your sector, even beyond the not-for-profit world, especially if you’re looking for specific business skills rather than experience in your particular area.

Look at the staff bios on most nonprofits, and you’ll see that corporate pedigrees are rare,” says consultant Curtis Chang in the Stanford Social Innovation Review. “But while nonprofits don’t have the pay to drive recruiting, they usually offer a better cause and more flexible lifestyle — both significant (and under-leveraged) assets in attracting talent. But the bigger point is that nonprofits just aren’t trying. They’re not looking beyond their own industry, and so their talent pool is always going to be thin.”

  • Keep track of good candidates who don’t make the final cut or who don’t have the requisite skills for a particular opening. Thank them for attending and ask if you can stay in touch in case suitable openings occur in the future. They may be invaluable later and could form part of your talent pool.

Finally, no matter how desperate you feel to fill an opening, don’t rush into a hire. Maybe outsource for the short-term or reward current employees for taking on additional temporary responsibilities. Be sure to do your due diligence in terms of checking credentials and taking up references.

And in your desperation, don’t fall into the trap that a promising but unqualified candidate can be molded into the role. “This aspirational thinking is … the recipe for making bad hires,” says consultant Curtis Chang.

“In my experience, the post-mortem on some bad hires often involves the phrase, ‘She can grow into this role from the hiring process.”

RETENTION IS JUST AS IMPORTANT AS RECRUITMENT

Of course, it’s not all about recruitment. A sound HR strategy includes employee retention. Is it time to ask yourself whether your nonprofit organization is doing enough to keep its high performers?

FOR EXAMPLE:

  • How is your work environment? Is it open and friendly, encouraging feedback and ideas? Is it clean and comfortable? What can you do to improve the culture?
  • Do you give credit for good performance and new ideas? Organization-wide acknowledgment is every bit as important as a raise or promotion.
  • How accessible are you and your leaders? If you’re regarded as sitting in an ivory tower, don’t be surprised if some of your people, including the senior team, are plotting an escape.
  • What are you doing to support and train your most promising employees?
  • Is work-from-home on your agenda? It’s high on the list of most employees wants. Could you action this, even on a limited basis?

Recruitment and retention are likely to become even more demanding in the future. Taking the time now to establish a long-term strategy for your organization could ultimately be the key to its success.

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

A Business Owner’s Policy in Oregon has many parts to it! We’ve discussed some of those items in our other blogs. Here at Graybeal Group Inc. we have the expertise among our staff to help make purchasing a business owner’s insurance policy a seamless process! 

The insurance company will pay for the loss or damage to covered property caused by one (or more) of the following causes of loss in Oregon:

Fire

Lightning

Windstorm and Hail – This does not include damage due to frost or cold weather, ice (other than hail), snow, or sleet, whether the wind caused it or not. Also, doesn’t cover loss of or damage to awnings or canopies of fabric or slat construction, including their supports, outside of the building. Lastly, also excluded is the loss or damage to the interior of the building or personal property inside of the building; unless the wind or hail first damages the building and creates its own opening into the building.

Aircraft and Vehicle – not driven or piloted by the insured. This includes damage due to physical contact of an aircraft, spacecraft, self-propelled missile or vehicle. Also, damage caused by an object thrown up from a vehicle or falling from aircraft.

Riot and Civil Commotion – that includes acts of striking employees and looting occurring at the time and place of a riot or civil commotion

Volcanic Action – which includes direct loss or damage resulting from the eruption of a volcano when the loss or damage is caused by: airborne volcanic blast or airborne shock waves; ash, dust or particle (only if results in property damage); lava flow. 

Explosion – which covers the damage caused, but not the repair of the system. 

Smoke – (does not include smoke from industrial operations or agricultural smudge).

Vandalism and willful malicious damage to, or destruction of covered property. 

Sprinkler Leakage – which covers damage caused by leakage (inc leaks due to freezing) from an automatic fire protective sprinkler system. The insurer also agrees to pay the cost to repair the system if the building containing the sprinkler system is also covered property, including the cost to tear out and replace any part of the building required to repair or replace the system. 

Sinkhole Collapse – which covers damage caused by sudden sinking or collapse of land into an underground cavity due to natural causes.  Although, if the sinkhole was man-made no coverage is provided. Also, if man-made there is no coverage to fill the sinkhole. 

Transportation – covers loss the loss or damage of covered property while in transit when it’s caused by any of the following: collision, derailment or overturn of a vehicle; stranding or sinking of vessels; collapse of bridges, culverts, piers, wharves, or docks. 

oregon business owner's insurance

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing in Oregon

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Business Owner’s, Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

Tesla Insurance Options

There is no doubt as to Tesla’s popularity, including here in the U.S.  Tesla accounted for 79 percent of electric vehicle registrations in 2020, with 200,561 of its battery-electric vehicles registered – marking a 16 percent rise from 2019, according to recent data from Experian. In fact, all four Tesla models ranked among the top five electric vehicles in 2020. 

So one question on the top of many people’s minds might be:  how much does it cost to insure your Tesla?

You should plan on purchasing more Tesla insurance coverage to be sure you are not paying out of pocket in the event of a claim. This is because the technology in a Tesla is so advanced, and the build is complex to repair. 

Although the majority of auto insurance companies will write policies for a Tesla, some Tesla drivers do have the option of acquiring their car insurance through Tesla. 

tesla insurance graybeal group

Basic Facts About Tesla Insurance 

Teslas usually cost more to insure than other vehicles because of their expensive, high-tech parts. 

The average cost of insuring a Tesla Model 3 is $2,55.76 per year, or $212.98 a month. 

The easiest way to get insurance for your Tesla is to compare quotes from various insurance providers. The insurance company will set your quote dependent on factors such as your driving record and experience, your coverage needs, and personal information that includes your age, gender, and location. 

As a result of Tesla’s high-tech build, you can expect to buy additional coverage for it. When you insure your Tesla, your coverage will protect you against liability in the event of an accident with another car, pedestrian, or public or private property. The appropriate type of insurance will also cover damage to your car. 

How Much Tesla Insurance Will Cost You

The average cost of auto insurance in this country is approximately $1,134 a year, or $94.50 per month. However, Tesla insurance can cost substantially more than average. 

Research indicates that, on average, it could cost you $4,539 a year to insure a Tesla. That will ultimately depend on the model of your Tesla, along with your driving history, and much coverage you purchase. 

Why is Tesla Insurance So Expensive?

Teslas are just plain high-end and that is why they can be prohibitive to purchase and maintain. Car insurance for Teslas is more expensive than that for lower-end types of cars, whose parts are more available and easier to replace. While nearly all major car insurers provide Tesla coverage, the insurance carrier might classify your Tesla model as an exotic or luxury vehicle. This means you will pay luxury vehicle premiums. 

Other factors that make Teslas expensive to own:

  • Teslas are made from more expensive parts than the vast majority of other cars, making them more expensive to repair. 
  • You are quite limited to a set of Tesla-approved body shops as a result of the required training and equipment to replace parts. 
  • Teslas can be more expensive to insure based on where you live and other rating factors. 

Tesla Insurance Program

The Tesla insurance program was started in 2019 with the objective of making Tesla a one-stop provider for car services, beginning first with insurance. Tesla claims they better understand how their vehicles work and how drivers use them. This points to Tesla’s
in-house insurance being potentially advantageous to drivers. 

The price structure for Tesla insurance is based on the car’s safety systems, as opposed to personal driving information. Their insurance program encompasses basic liability, collision, and comprehensive packages, in addition to special coverage for identity fraud, electronic key replacement, and wall chargers. In essence, Tesla leverages its knowledge about its vehicle’s safety features and automated driving technology to lower the insurance cost for Tesla owners. 

Tesla Insurance Offers Special Coverages

All Tesla insurance packages include a Vehicle Automation Package that encompasses the following:

  1. Autonomous vehicle liability:  This provides coverage for damage to property or bodily injury as a result of a collision when your car is in autonomous vehicle mode to the same limits of liability as when you are driving. 
  2. Cyber identity fraud expense:  This insures you against digital identity fraud. Coverage is restricted to $15,000 per occurrence and $30,000 per insurance period. 
  3. Wall charger coverage:  This covers your manufacturer-issued electrical power charger if it is damaged or lost.  This insurance is limited to $3,000 and it does not cover damage that you caused or a factory defect. 
  4. Electronic key replacement:  This insures you if you misplace your electronic car keys, up to $500 for two incidents in each insurance period. 
  5. Loan/lease gap coverage:  This protects you in the event your car is stolen or damaged. It will pay the balance of your car lease or loan, based on the value of your car. 

Cost of Tesla In-House Insurance

According to Tesla, drivers can save 20 percent to 30 percent on their car insurance with their in-house coverage. The company says it can save Tesla drivers money on their vehicle insurance premiums because they are already familiar with the cars. Your Tesla Insurance policy will take into consideration the safety and tech features that are included in your car, and they don’t have the same associated fees that you would likely find with a traditional insurance carrier. 

Vehicle Insurance Required for Tesla

You will learn how much your monthly premium will cost once you determine what you need from the different types of coverages available. The coverage types include:

Liability Insurance:  Liability insurance protects you from injury caused to another person or damage to their property. Tesla’s are not considered more dangerous than other cars, so you likely can forego additional liability coverage than what is usually necessary. You can purchase the state minimum and add some extra to cover medical expenses and possible lawsuits that could result from an accident. 

Personal Injury Insurance:  This covers you and your passengers in the event of an accident in your Tesla car. It will cover your entire medical expenses no matter who is at fault for the accident. 

Collision Insurance:  This protects you against any damage to your Tesla when a collision happens. Teslas are manufactured with more expensive material than other cars, which means they will be more expensive to repair.  That is why it costs more to insure for collision. 

Comprehensive Insurance:  This covers damage caused to your Tesla by something other than another vehicle. Additionally, it may cover the theft of your car. 

For more info, visit the official Tesla Website

Tesla or no Tesla, Graybeal Group Inc. has you covered for any and all auto insurance needs! Just a click away

Graybeal Group, Inc. Offers The Widest Range of Products and Pricing

Graybeal Group, Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, The Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business. At Graybeal Group, Inc., we are committed to providing an experience that empowers our clients so they are educated on their coverage and the value we provide above all others.

For more information, we invite you to call Graybeal Group, Inc. at (541) 567-5523

Farm Insurance has many moving parts. We will break those parts down into bite-size chunks for you to consume. Today, the topic of exclusions for the loss forms will be discussed. We’ll show you what is NOT covered, or is excluded, from the three different forms of loss for Farm Insurance. It’s just as important to know what’s NOT covered, than what is! 

EXCLUSIONS (THINGS THAT ARE NOT COVERED) FOR THE BASIC, BROAD, AND SPECIAL LOSS FORMS 

  1. Ordinance or law- Ordinance or law regulating the construction, use or repair of any property or demolition of any property, including the cos of removing debris.
  2. Earth Movement- Includes earthquakes, landslides, mine subsidence, or earth sinking, rising, or shifting.  However, if loss or damaged by fire or explosion results, the insurance company will pay for the damage/loss

Exceptions: 

  1. Earthquake loss to livestock
  2. Special Cause of Loss Form covers earthquake loss of farm machinery, vehicles, and equipment.
  3. If loss or damaged by fire or volcanic action results, the insurance company will pay for that resulting damage/loss.
  4. Government Action- Seizure or destruction of property by order of governmental authority, unless the action is taken at the time of a fire to prevent its spread, if the fire would have been a covered cause of loss.
  5. Intentional Loss- The insurance company will not pay for any loss or damage arising out of any act committed by or at the direction of any insured with the intent to cause a loss.
  6. Nuclear Hazard- Including nuclear reaction, radiation, or radioactive contamination, however, caused.
  7. Services that are off-premises- Failure or power or other utility services that occurs away from the location.

Exceptions:

  1. Coverage is provided by the coverage extension- refrigerated products. 
  2. War and military action- This includes undeclared or civil war, warlike action by a military force, including action in hindering or defending against an actual/expected attack.
  3. Water – Loss or damage caused by:
    • Flood, surface water, waves, tides, tidal waves, overflow of any body of water, all whether driven by wind or not;
    • Mudslide or mudflow
    • Water that backs up from a sewer or drains
    • Water under the ground surface pressing on, or flowing or seeping through foundations, walls, floors, paved surfaces, basements, doors, windows, or other openings.

Exceptions:

  1. If loss or damaged by fire, explosion or sprinkler leakage results, the insurance company will pay for that resulting damage/loss
  2. Flood loss to livestock
  3. Special Causes of Loss form covers flood loss of farm machinery, vehicles, and equipment. 

crop and farm insurance graybeal group inc

Special Forms of Loss Exclusions

  1. If damage from an open fire used for curing or drying tobacco in the barn or building where this occurs, the loss will not be covered if:
    • While the tobacco is being fired
    • Within a 5 day period following tobacco firing
  1. Collapse (unless provided for in additional coverage or collapse results from a covered cause)
  2. Windstorms or Hail
    • Dairy or farm products in the open
    • Watercraft and all its accessories unless it’s in a fully enclosed building.
  1. Snow, Ice, sleet, or rain that damages property in the open
  2. Sand, dust, rain, snow, or sleet damage to the interior of any building or structure, unless there’s other damage that causes a hole and any of these items then cause damage due to the hole.
  3. Thawing, freezing, pressure/weight of water or ice to any retaining wall, retaining wall, fence, pool, dock, pier, wharf, bulkhead, patio, or pavement
  4. Discharge or overflow of water/steam from plumbing, heating, A/C, or automatic fire sprinkler system; or from household appliances:
    • If there is a continuous/repeated seepage of water/steam over a period of weeks, months, or years
    • Caused by or resulting from freezing in a building or structure that’s vacant, under construction, or unoccupied for 60+days, unless there’s been steps taken to prevent freezing by maintaining heat or shutting off water and draining pipes
    • If system or appliance is defective
    • If the discharge of water/steam takes place off-premises but affects the property that is insured
  1. Explosion damage from alcohol stills, steam pipes, steam boilers, or steam engines that are owned, leased, or operated by the insured person.
  2. If any of the following is lost due to theft: trailers, campers, watercraft, accessories and equipment.
  3. Shortage of inventory
  4. If any farm personal property or portable structure disappears, it is not covered, unless there’s evidence of theft.
  5. Voluntarily parting with property due to trickery or fraud.
  6. Unauthorized instructions to transfer property to a person or place.
  7. Vandalism or breakage of glass or safety grazing material if the building or structure was vacant for more than 60 consecutive days immediately before the loss.
  8. Criminal or dishonest acts committed by an insured, any partner, employee, director, trustee, authorized rep, or anyone the insured has entrusted property to, regardless of whether acting alone or in collusion with others.
  9. Electrical Current- Damage/loss caused by artificially generated electrical current, inc. electrical arcing that disturbs any electrical device, wires, or appliances.
    • Exception here is if the damage/loss results in a fire- it’s covered.
  1. Vapor, smoke, or gas- If any loss occurs to a building, personal property, or structure due to agricultural smudge or industrial ops.
  2. Non-accidental Losses:
    • rust
    • corrosion
    • fungus
    • decay
    • wear and tear
    • deterioration
    • hidden or latent defects
    • damage is due to the quality of the property itself.
  1. Damage or Loss to structures, personal property, or buildings caused by any of the following:
    • Dampness or dryness of the atmosphere
    • Mechanical breakdown- inc. bursting by centrifugal force
    • Marring or scratching
    • Smog
    • Settling, cracking, shrinking, or expansion
    • Vermin, birds, rodents, domestic animals, or insects
  1. Damage or loss to property on OR off the insured premises that is cause by:
  • Pollutants- the discharge, dispersal, seepage, migration, release, or escape of
    • EXCEPTION: if any of the above is caused by a specified cause of loss, the insurance company will pay for any damage caused by a specified covered cause
  • Weather conditions applicable only if weather conditions contribute to loss or damage caused by or resulting from  the discharge, dispersal, seepage, migration, release, or escape of pollutants
  • Acts/decisions- or the failure to do either
  • Inadequate, faulty or defective:
    • Zoning, planning, development, siting, or surveying
    • Materials used in repair, renovation, remodeling, or construction
    • Maintenance
    • Design, specifications, workmanship, construction, repair, renovation, remodeling, compaction, or grading

As you may understand, knowing what is excluded from your coverage, is as important as knowing what’s covered! 

Our team of experts is waiting to help you put together a customized insurance plan that is right for you and your needs! Just a click away.

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

At Graybeal Group Inc. one of our missions is to make sure our clients and prospects are educated on the type of insurance they have/may need. Farm Insurance may confuse some, as they are seven different types of coverage, additional coverage, payouts for losses, etc. In this blog, we are going to discuss the different ways insurance companies will reimburse the insured for their loss, depending on the type of coverage they purchased. 

OREGON FARM INSURANCE- COVERAGE A (DWELLING) AND COVERAGE B (OTHER PRIVATE STRUCTURES)- HOW IS A LOSS REIMBURSED/COVERED?

 Loss is reimbursed by the Replacement Cost – The cost to replace a damaged/destroyed item of property, without deducting for any depreciation. This is subject to an 80% coinsurance clause when it pertains to partial losses. A coinsurance clause is: the insurance company will pay the FULL amount on a PARTIAL loss up to the limit of insurance carried, if the insured carries the percentage required of coinsurance. If the insurance company requires an 80% coinsurance be carried, that means that the insured is carrying insurance on the value of 80% of the property. If the required percentage is maintained, then, in the event of a partial loss, the insurance company will reimburse the loss completely. If there is a total loss, the insurance company will cover up to the percentage carried (if the stated required % is carried) and the insured is responsible for the remainder of the expense to replace. The insurance company will pay the least amount of: 

  1. Cost to replace the damaged part of the structure with an equal amount of construction for use on the same property. 
  2. Up to the applicable limit of insurance. 
  3. Actual amount spent to repair or replace the structure. 

OREGON FARM INSURANCE COVERAGE C (HOUSEHOLD PERSONAL PROPERTY)- HOW IS THIS LOSS REIMBURSED? 

Coverage C is replaced on the premise of Actual Cash Value. Actual cash value is the value of the property MINUS the depreciation cost.  That equation equals how much the insurance company will reimburse the insured. 

OREGON FARM INSURANCE COVERAGE E (SCHEDULED PROPERTY) AND COVERAGE F (UNSCHEDULED PROPERTY) – HOW ARE THESE LOSSES REIMBURSED? 

The amount that it costs to repair or replace using the Actual Cash Value method. However, the insured is required to carry and maintain insurance that’s at least 80% of the cash value on unscheduled  personal property.  If the insured carries less than the required amount, the insurance company imposes a penalty at the time of loss, by not paying for more than what is covered, divided by required amount, times the loss. 

OREGON FARM INSURANCE COVERAGE G (OTHER FARM STRUCTURES)- HOW IS COVERAGE G REIMBURSED AFTER A LOSS? 

The insured (at time of implementing policy with insurance company) may choose to select either Actual Cash Value or Replacement Cost as their method of reimbursement. If they’ve chosen replacement cost, they must carry coinsurance.  In both cases, the amount will not exceed the actual amount necessary to repair or replace the damage, up to the applicable limit of insurance.

farm insurance fire

BASIC CAUSE OF LOSS FORM- WHAT DOES THIS COVER? 

If an insured chooses the Basic Form for their Cause of Loss form, the following are covered losses: 

  • Fire
  • Lightning
  • Windstorm
  • Hail
  • Aircraft or vehicle (not driven or piloted by the insured)
  • Civil commotion or riot
  • Volcanic Action (occurs within a 168 hour period, it’s considered one single event)
  • Explosion
  • Smoke (not from agricultural smudge or industrial operations)
  • Vandalism
  • Theft
  • Sinkhole collapse (that results in damaged property)
  • Collision (damage or loss to farm personal property, covered farm machinery, or death of covered livestock)
  • Earthquake and flood loss to covered livestock

BROAD FORM OF LOSS- WHAT DOES THIS COVER? 

If an insured chooses the Broad Form of Loss form, the following are covered losses: 

  • Everything included above in the Basic Form
  • Falling objects (covers damage from the falling object- not the actual object though)

Falling object does not cover: Personal property in the open or the interior of a building or structure, or property inside the building or structure unless the falling object first damages building or structure

  • Weight of ice, snow, or sleet that causes damage to a building or property inside the building

Weight of ice, snow, or sleet does not cover: Damage or loss caused by pressure or weight of water in any form to any foundation or retaining wall, pavement or patio, awning, fence, outdoor equipment, swimming pool, bulkhead, dock, pier, or wharf.

  • Accidental discharge or leakage of water or steam if results in cracking or breaking of any part of the system or appliance containing the water or steam. Pays for damage to covered personal property. 
  • Freezing of plumbing, A/C, automatic fire sprinkler system, heating, or household appliances. (Exception: not applicable to building/structure that’s been vacant or unoccupied for 60+ days unless there’s been steps taken to prevent freezing- such as maintain heat, shut off water, drain appliances, etc)
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an A/C or automatic fire sprinkler system, or an appliance for heating water. 
  • Glass breakage or safety glazing material- includes glass that is part of building/structure, storm door/window
  • Electrocution of covered livestock
  • Sudden and accidental damage from artificially generated electrical current (Only to Coverage A,B,C,D)
  • Attacks on covered livestock – Only by wild dogs/wild animals NOT owned by insured, employees, or any residents of insured location
  • Drowning of covered livestock (Doesn’t include swine drowning that are under 30 days old)
  • Accidental shooting of covered livestock- Not done by an insured, staff, or other residents of insured location
  • Loading or unloading of covered livestock that results in the death of livestock

Stay tuned for Special Cause of Loss Form and what it covers. Also, we’ll discuss the Exclusions for all three of these forms.

We have a team of advisers waiting to answer your questions and help you choose the best coverage for you and your livelihood.

For more information about how Graybeal Group Inc. can help with your farm insurance needs, click here!

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.

There are seven different forms of farm property coverage. Our goal at Graybeal Group Inc. is for you to fully understand you farm insurance policy, as well as understanding the additional types of farm insurance coverage we provide! The first form is, Coverage A for Dwellings

WHAT DOES OREGON DWELLING FARM INSURANCE COVER? 

Coverage A for Dwelling covers direct physical loss to the property. Coverage A covers each dwelling, any structures attached to the dwelling, and any materials onsite (at the location that’s insured) that are intended to use to alter, repair, or build upon any of the covered dwellings or their attachments. Also, any building or outdoor equipment that’s used for service of the covered property that’s not covered by other insurance, would be covered under Coverage A- Dwelling. 

Another part of Coverage A includes coverage for outdoor TV antennas, outdoor radio, and/or satellite dishes.  Coverage A covers these items up to $250 unless otherwise noted in the policy. 

THE SECOND OREGON FARM INSURANCE FORM IS CALLED COVERAGE B- OTHER PRIVATE STRUCTURES APPURTENANT TO THE DWELLING. 

This means, to qualify, the structure has to be separated from the dwelling with a clear space defining it.  If you are  using a structure as a private garage, this coverage will supply an additional amount of insurance equal to 10% of Coverage A amount you have listed in the policy for Dwelling.

The Special Limit of Insurance for antennas and satellite dishes applies to Coverage B as well ($250). 

WHAT DOES OREGON FARM INSURANCE- COVERAGE C- HOUSEHOLD PERSONAL PROPERTY COVER? 

Coverage C covers the household property of the insured, those who reside there (members of insured’s family), or for those staying/residing on a covered dwelling on the insured’s property. This coverage will also cover household property away from the insured’s premises, however, the limit of liability is 10% of total Coverage C amount, or $1000, whichever is more. If the insured is a tenant and they make improvements such as alterations or building additions that they use exclusively, then again, the amount of coverage is 10% of Coverage C’s total limit of liability. 

There are some Exclusions and Special Limits of Insurance that apply to Household Personal Property Coverage. Let’s discuss Exclusions first, then we will look at Special Limits. 

EXCLUSIONS TO OR COVERAGE C- HOUSEHOLD PROPERTY: 

  1. Articles specifically described and specifically covered under this or any other insurance. 
  2. Trees shrubs, and plants (unless covered under an extension).
  3. Birds, Fish, Animals
  4. Business Personal Property (except for those items covered under Special Limits).
  5. Magnetic Recording or storage media for electronic data processing, except that which are purchased prepackaged software programs.
  6. Any device for transmitting, recording, receiving, or reproducing sound/pictures, unless specifically described/covered in the policy.
  7. Farm personal property, other than office fixtures, office equipment, or furniture.
  8. Motor vehicles designed for road use that are required to be licensed, unless being used to assist the handicapped or used to service the insured’s grounds, dwellings, etc.

SPECIAL LIMITS OF INSURANCE FOR COVERAGE C:

Specific items/categories of household personal property have special limits that are a part of this policy. They are subject to any applicable deductible.  These limits are the MOST the insurer will pay for any damage to property in the category per occurrence: 

  1. Platinum, silver (other than silverware), gold (other than goldware), and money – Limit is $200 per occurrence
  2. Letters of credit, passports, securities, and manuscripts- Limit is $1500
  3. Furnishings, engines or motors, trailers, watercraft (inc equipment) – Limit is $1500
  4. Trailers not used for farming operations or with watercraft – Limit is $1500
  5. Gravemarkers – Limit is $1000
  6. Business Personal Property on the insured location – Limit is $2500
  7. Business Personal Property away from the insured location – Limit is $500

THERE IS PROPERTY THAT IS ALSO SUBJECT TO SPECIAL LIMITS DUE TO THEFT: 

  1. Jewelry, furs, precious and semiprecious stones, and watches – Limit is $1500
  2. Goldware, silverware, pewterware, and other items made of or containing gold, pewter, or silver – Limit is $2500
  3. Firearms- Limit is $2500.

additional farm insurance polices

WHAT DOES OREGON FARM INSURANCE COVERAGE D – LOSS OF USE – MEAN AND WHAT DOES IT COVER?

What does this mean and what does it cover? This blog is dedicated to educating our clients and prospects on the different types of farm insurance coverage options.

Today we are talking about Coverage D- Loss of Use. Loss of Use refers to your residence becoming uninhabitable due to a covered loss.  This coverage states that the insurer will reimburse you for the necessary increase in living expenses to maintain your normal standard of living during the time it takes to repair or replace any damage, or to permanently relocate. 

Also, this coverage provides for Fair Rental Value. Fair Rental Value will reimburse you for rent lost if your residence is rented to a tenant. 

These payments, Fair Rental Value and Additional Living Expense will be paid for the shortest time possible that it takes to repair/replace damage or to permanently relocate.  There is no deductible for this coverage. 

If civil authority prevents access to your residence due to a covered loss that occurred on a neighboring property, the insurer will provide the above benefits to you for up to two weeks. 

We understand with all of these coverage choices, things can get confusing as to which is the best coverage options for your unique situation. At Graybeal Group Inc., we have a team of experts that are ready to help you with all of your questions and to make sure you choose the right coverage for you! 

WHAT DOES OREGON FARM INSURANCE COVERAGE E- SCHEDULED PROPERTY MEAN AND WHAT DOES IT COVER? 

Scheduled Property is property that is listed in the Declarations Page of your policy. Declaration page is the page that lists who is insured, what is insured, the provided coverages, and their associated premiums. 

Examples of some things that could be considered for scheduled property coverage are: 

Completed crops (not growing ones), grain in a silo, threshed seeds, beans, hay, straw, ground feed, poultry, livestock, bees, fish, worms, and other animals, machinery, vehicles, and equipment used for farming only. 

Covered property for Coverage E does not include: 

Growing crops, trees, shrubs, plants, or lawns; household personal property or property usual to a dwelling; any permanent fixtures within or attached to a building; or outdoor radio or TV equipment, wiring, and private power and light poles.

WHAT DOES OREGON FARM INSURANCE COVERAGE F- UNSCHEDULED PROPERTY MEAN AND WHAT DOES IT COVER? 

Coverage F- Unscheduled Property covers property (personal) on a blanket basis, that are not specifically scheduled as they are in Coverage E. If covered under Coverage F, items are covered while on or away from the insured’s premises/location. However, if the property is in the care of others, coverage is excluded. An example of this would be a seed warehouse. Property would be covered, however, during transportation by the insured or their employee. 

Some examples of items Coverage F may provide coverage for are: 

Equipment, tools, livestock, and some specified completed crops (up to limits of insurance shown on the Declaration Page). 

Livestock that are not specifically scheduled (Coverage E), may be covered here on a blanket basis subject to limits of insurance. These special limits are part of the Limit of Insurance (total limit) shown in the Declarations for livestock.  To be able to claim a loss on livestock, there must be death or destruction of livestock from a covered cause of loss. Just remember, the insurer will limit the amount of coverage under this option (F).

Some examples of items not covered by Coverage F are: 

Household or personal property; animals other than livestock (poultry, bees, fish, worms); racehorses, show horses or ponies; trees, shrubs, plants, lawns; tobacco, cotton, vegetables, root crops, potatoes, bulbs, fruit, or nursery stock; fences, windmills, or windchargers (and their towers); outdoor radio and TV equipment; and portable buildings or portable structures.

WHAT DOES OREGON FARM INSURANCE COVERAGE G – OTHER FARM STRUCTURES COVER?

The following are examples of what other farm structures may include for Coverage G:

Silos that are individually described; farm buildings and structures including attached sheds and permanent fixtures; portable buildings and structures; fences (not field or pasture), corrals, pens, chutes, and feed racks; outdoor radio and TV equipment, antennas, mast, and towers; building materials and supplies in building, altering, or repairing of farm buildings or structures at insured location; and if a tenant, improvements may be covered as well. 

There are Coverage Extensions to Other Farm Structures. Coverage extensions  are additional coverages that apply only in certain circumstances.  They have reduced or separate limits of liability or require the insured to meet certain requirements before they are applicable.

COVERAGE EXTENSIONS FOR COVERAGE G- OTHER FARM STRUCTURES

  1. New Construction: If there is a direct physical loss or damage to new farm structures, including supplies and materials (used in building), this coverage extends up to $100K. 

Conditions for this Extension:

  1. Structures that are not otherwise covered under this or any other policy
  2. Loss caused by fire, lightning, windstorm, or hail, aircraft or vehicle not driven by insured, civil commotion or riot, smoke, and vandalism. 
  3. Coverage for this extension ends when one of the following happens (whichever happens first): 
  4. 60 days have passed since the first date for delivery of material and supplies
  5. The policy expires
  6. The insured reports the values to their insurer. 
  7. Private Power and Light Poles: Insurer will pay up to $250.00 for direct physical damage or loss, including outside wiring and attachments. Attahcments include attached switch boxes, fuse boxes, and other electrical equipment mounted on poles owned by the insured at the insured location.  

PROPERTY NOT COVERED UNDER OREGON FARM INSURANCE COVERAGE G- OTHER FARM STRUCTURES

Land, including land on which the structure is located; water; field or pasture fences; foundations (if below ground); pilings, piers, docks, or wharves; and expense due to excavation, filing, grading, filling, or backfilling. 

Let our experts that live and work where you do, help with your questions, and assist you in finding the right coverage that suits your individual needs. Farm Insurance can be tricky with all the pieces and parts, we are here to help! 

For more on how we can help your farm insurance needs, click here!

Graybeal Group, Inc. Offers A Wide Range of Products and Pricing

Graybeal Group Inc. is a professional Insurance company with licensed agents and staff.  With over three decades of experience, Graybeal Group takes pride that our agents are specialized in the needs of our customers in the areas of Crop/Agriculture, Hemp, Non-Profits, Pasture Rangeland and Forage, and Farm & Ranch. 

Being able to provide the time for our agents to focus on their specialty allows us to give you – our clients – the needed coverage for your home and business.

For more information, we invite you to call Graybeal Group Inc. at (541) 567-5523.