AFIS 1: Farm Property

Course Description
Farming, ranching, and agribusiness remain significant parts of  the US economy. In fact, agricultural products raised in the United States find  their way into the world’s food supply. While the global marketplace represents  a huge economic opportunity for the agribusiness community, it is not without  its risks. People the world over are concerned about access to an abundant,  safe food supply. Anyone in the food chain can be held responsible when food  safety requirements are not met.

This course—AFIS 1: Farm Property—covers the topic of farm  property policies. Farm property policies are designed to provide insurance on  existing buildings and their contents. These buildings may function for the  insureds’ personal use (such as their home) or their business use (such as  their farm/ranch operations). Both household and farm business property may be  provided coverage through the farm property program. The same set of forms and  endorsements is used for both monoline and package policies. The course  examines various ways in which property—primarily property of a type generally  found on farms and ranches—can be covered by insurance policies. The course  also addresses items that do not necessarily stay on the farm. Tractors,  combines, livestock, and other items all found on an insured farm may also move  around on and off the farm premises. These exposures can also be addressed with  the policies reviewed in this course.

The course includes the following chapters:

  • Farming and Farm Policies
  • Farm Dwellings, Appurtenant Structures, and Household Personal Property—FP 00 12
  • Farm Personal Property Coverage—FP 00 13 
  • Barns, Outbuildings, and Other Farm Structures Coverage—Form FP 00 14
  • Other Farm Provisions Form—Additional Coverages, Conditions, Definitions—FP 00 90
  • Causes of Loss Form—FP 10 60
  • Endorsements
Learning Objectives
This is an intermediate-level self-study course. Students who  successfully complete this course will be able to:

  • identify key property exposures that farm and agribusiness accounts face and recognize the insurance form and/or endorsement(s) that can be used to address a given exposure
  • identify the types of property that are covered and excluded from coverage under specific farm property policy forms and endorsements
  • recognize what locations are and are not covered under specific farm property policy forms and endorsements
  • distinguish between “named perils” and “open perils” coverage and among basic, broad, and special causes of loss
  • recognize the effect of key farm property policy provisions
  • recognize the effect of the various exclusionary terms, additional coverages, conditions, and other provisions in farm property policies and apply them in evaluating specific situations
  • recognize situations in which the various farm property endorsements apply and identify how they can function to the advantage or disadvantage of the insured
  • define and apply terminology associated with farm exposures and farm property insurance 

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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