By Rawlings Maige
The Georgia Farm Bureau Mutual Insurance Company (GFBMIC) insures more than 1,300 poultry farms. Each operation Georgia Farm Bureau (GFB) insures is important to us and we strive to properly insure every farm. To determine the correct value and coverage for each policyholder, GFB considers many factors such as, how poultry houses are constructed, their age and upgrades made to the houses after construction.
Our GFB agents, field underwriters and farm risk managers inspect the poultry farms we insure every few years. These regular inspections allow us to stay up-to-date with improvements made to the poultry houses, values on structures, and values on equipment. Visit www. gfb.ag/poultryhouseinspections to learn more about the inspections GFB staff conduct and how they benefit our insured poultry growers.
No two farms are alike, which is why GFBMIC offers endorsements to our standard poultry house insurance policies to offer our insureds coverage that best suits their needs. An endorsement is a change to an insurance policy that offers additional coverage for a specific set of circumstances.
For example, the Farm Package Policy (FPP)-435 endorsement GFB offers adds replacement cost to the poultry houses and equipment. In the event of a partial or a total loss, the FPP-435 provides loss settlement with no depreciation as long as the damage is repaired or replaced. If you are a policy holder, it is vital that you communicate with your agent regularly regarding any changes or upgrades so your GFB policy is current with a true replacement cost value. The FPP-435 is designed for poultry houses 10 years old or less.
As poultry houses age, policies transition from replacement cost to agreed value, which GFB covers with our FPP- 433 endorsement. This enables GFB to help poultry growers insure their houses and equipment at the highest possible value by using a decelerated depreciation scale. The agreed value endorsement is designed for houses 10 to 20 years old. Partial losses are paid with no depreciation. In the case of a total loss, the policy holder can apply the agreed value to rebuilding, or take the agreed value without the obligation of replacing the damaged property.
The agreed value endorsement gives policy holders added flexibility by providing coverage for major improvements poultry growers may make to their poultry houses that increase house values. Substantial equipment replacement, chain wall conversion, or solid wall conversion can all increase poultry house values.
Another important endorsement GFB offers is the FPP-416. This endorsement provides coverage for the poultry houses and equipment for damage caused by the weight of ice and snow. This coverage is very important in parts of Georgia likely to have snow and freezing precipitation.
GFB also offers coverage for business income. Business income and extra expense coverage is provided under the Commercial Package Policy, which protects against loss of income if covered damage occurs to poultry houses. It also applies to loss of income and extra expenses during the period of restoration. This can be a vital coverage while a poultry house or houses are inoperable due to a covered loss.
Georgia Farm Bureau’s goal is to properly cover the poultry farms we insure by staying current with all equipment and building improvements. That’s why it’s vital our insured poultry growers regularly stay in touch with their agent to assure GFB makes any coverage changes and policy adjustments needed. Georgia Farm Bureau believes the relationship between our agents and poultry growers, and the ability to meet face-to-face with your local agent is what makes GFB special. If you have any questions regarding GFB poultry house policies and the endorsements we offer, please contact your local agent today.
Rawlings Maige is a member of the GFB Mutual Insurance Company’s Underwriting Department. He is the field underwriter for the GFB 9th District and has been employed with the company for 19 years.