The Precision Ag Suite combines equipment breakdown, implements coverage and cyber coverage, all configured to fit a farm owner's needs.
PRODUCT: Precision Ag Suite
BEST RATING: A++
AVAILABILITY: Appointed agents and brokers that work with client companies of HSB.
FOCUS: HSB has been protecting farmers—from large commercial enterprises to small, family-run farms—for years. Today's farmer utilizes data and technology to be more competitive in an ever-changing market by gaining efficiencies in fuel and fertilizer costs, soil management practices and irrigation application.
This results in a changed risk landscape. The Precision Ag Suite meets those unique needs by providing stacked coverage, designed to work together without the potential gaps of some standalone insurance products.
“Farming and agribusiness are becoming increasingly more reliant on data and efficiency in the production of outputs," says Kenneth Grothe, assistant vice president, treaty division, Precision Ag product manager, HSB.
“HSB's Precision Ag Suite of products and services brings three stackable coverages to the marketplace," he says. “By combining these products with agriculture-specific risk management and Internet of Things (IoT) services, HSB has created a comprehensive approach to protecting data and technology in the modern farming operation."
COVERAGE DETAILS: Farms depend on a wide array of costly equipment and machinery—from irrigators and GPS systems to equipment in the cab of combines, sprayers, tractors and more. Much of that equipment is controlled by electronics vulnerable to physical damage from even a modest accumulation of dust, as well as a cyber event such as malware or ransomware.
The Precision Ag Suite combines three coverages: equipment breakdown, implements coverage and cyber coverage. Each coverage can be configured to fit a farm owner's needs and ensures equipment breakdown, data loss or a cyberattack doesn't have to result in irreparable damage to the farm.
In addition to electronics in the cab, Precision Ag also covers mobile farm implements, including seeders, spreaders, sprayers and tillers. Protections from a cyberattack or cyber extortion include data restoration and data re-creation, system restoration income loss and expense and extended income recovery.
TARGET: Any farming operation with an equipment breakdown loss and cyber loss potential is an ideal client. “With the rising use of data and efficiencies in farming operations of all sizes, any operation could use the Precision Ag Suite of products and services," Grothe says.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Customer solutions center staff; 800-HSB-1866.
Will Jones is IA editor-in-chief.