Agricultural Insurance and Risk Management

Overview

Like any business person, a farmer has to practice good management techniques, including proper risk management of all phases of the farming operation. Sound risk management techniques include exposure avoidance, loss control, contractual risk transfer, retention, and insurance. Those who provide risk management products and services to this market must also be familiar with these issues.

The purpose of this course is to present the concept of risk management as it applies to farmers and their business, and to offer an understanding of the various forms of insurance designed for this market. The course covers farm property coverage, farm liability coverage, farm livestock coverage, farm umbrella coverage, products for large commercial farm corporations and crop insurance. 

Learning Objectives

Upon completion of the course, students will be able to

  • explain how the evolving demographics of US farms can change the need for various types of coverages
  • identify and analyze the specific risk management techniques for farms and understand which techniques are mutually exclusive and which techniques can work in conjunction with other techniques
  • analyze the many ways that various ISO farm property insurance products can protect the assets of traditional farming operations and determine which coverages can eliminate which coverage gaps
  • understand which ISO farm liability insurance products are best suited for the various types of agricultural risks to third parties
  • explain what types of farm-related risks are best covered under the ISO agricultural capital assets coverage form
  • identify and classify the various property and liability coverages offered by the AAIS farmowners program
  • list and describe the coverages provided by various AAIS miscellaneous farm products and explain which products are best suited for which types of agricultural risks

Designed For

P&C producers, agribusiness and farm insurance specialists
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.
Find Courses Now