Farmland Insurance: Do We Need Insurance for Farmland?
There are many who wonder if there could be insurance for their farms. The insurance works on the basis of likelihood of loss. An insurance contract happens if the chance of loss lies between zero and one. If the chance of loss is zero, then nobody will go for insuring that asset
And if the chance of loss is one, which means that the loss is sure, then no insurer will come forward to insure assets.
Land is permanent asset. No peril can destroy the land. Therefore, there is no basis in insuring the farm. However, there can be insurance to protect the crops that are raised on the field. Crop insurance policies are available with insurers. The conditions and the price of premium differ with the nature of crop and the location of the land.
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Posted by Starwin on 16th March, 2010
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