DES MOINES, IOWA (RFD-TV NEWS) — Property-related exposures account for 65% of farm claims, according to Nationwide Agribusiness, with fire, wind, hail, and equipment damage among the risks facing farms and ranches.
Laramie Sandquist with Nationwide Agribusiness said harvest season is an important time for producers to review property risks and ensure equipment and facilities are ready for the season’s demands.
Fire Risk During Harvest
Sandquist said fire accounts for about 30 percent of farm property claims, making prevention particularly important during harvest.
He said producers should ensure flammable and combustible liquids are handled properly and that facilities are in good working order.
This year, wet conditions have also meant some producers may be using drying facilities less often than in recent years.
“Getting those fired up ahead of time, making sure that they’re in good working order and then just making sure maintenance,” Sandquist said.
He also recommended paying attention to equipment as harvest continues.
“We’ve had a wet year this year,” Sandquist said. “We’re a little late into the fields this year, and so sometimes we’ll have that pressure to keep going a little harder, a little faster.”
Sandquist said producers should clean equipment at the end of the day to remove dust and make sure areas where friction could occur are properly maintained.
Preparing for Wind and Hail
Wind and hail are also significant sources of farm property losses, Sandquist said.
He said producers can reduce their exposure by taking time to assess their facilities and identify potential vulnerabilities before severe weather occurs.
That preparation can be particularly important during busy seasons, when producers may have less time to address maintenance issues.
Nationwide Launches Property Risk Solutions
Nationwide is launching its Property Risk Solutions program to help farmers, ranchers and commercial agribusinesses conduct a more detailed assessment of their individual operations.
Sandquist said the program is designed to be customized based on the type of operation and the risks it faces.
“That’s what this program is. It’s something they can customize to their operations, knowing what they do, whether they’re farmers or whether they’re ranchers or whether they’re commercial agribusiness,” Sandquist said.
He said the program grew out of feedback from farmers who wanted a step-by-step way to evaluate property risks.
“They wanted a program that’ll really help them do a step-by-step analysis of what the risks are, and that’s what this intends to do,” Sandquist said.
Preparation Can Limit Disruption
Property losses can also create problems beyond the damaged building or equipment, particularly when an operation depends on that property to keep working.
Sandquist said producers should think ahead about the equipment and facilities they will need during their busiest periods and make sure those resources are maintained before they are needed.
“As we say in our world, prior preparation prevents poor performance,” Sandquist said.
Because agricultural operations are seasonal, he said preparation can help producers keep problems from becoming emergencies during the busiest parts of the year.
“Anytime that we can be thinking ahead to say, all right, what are the things I’m going to have to use when it does get busy, so that we can be making sure that those are in working order and making sure that they’ve been maintained in the way that we want them to be is so important,” Sandquist said.
