What it does
FP 04 28 replaces the scheduled approach in Coverage G with a single total limit of insurance for barns, outbuildings and other farm structures at the insured locations shown. The schedule sets the covered causes of loss (Basic, Broad or Special), any property excluded from the blanket, and whether loss is valued at actual cash value or replacement cost.
Who needs it
Farms with many structures, where a blanket limit avoids underinsuring an individual building.
Quoting and selling notes
Carriers require a statement of values (FP 16 01) to set the blanket limit and rate. Update values at each renewal. Wording reviewed: 09 03 edition.
How it fits the farm policy
A farm program endorsement changes only the coverage forms named in its "this endorsement modifies" list. Everything else in the Farm Coverage Part keeps working as written: the FP 00 90 additional coverages, conditions and definitions, the causes of loss selected from FP 10 60, and the farm liability forms. When presenting a quote, list each farm endorsement with its schedule entries (insured location, building or item, limit, deductible) so the insured can see exactly where the base coverage was broadened or narrowed.
