What it does
FP 16 01 is the statement of values for property insured under the Coverage G blanket insurance endorsement. It lists each structure by insured location with its value, the causes of loss for which rates are requested (Basic, Broad or Special), and is signed by the insured; the company, agent or broker completes the blanket average rate calculation.
Who needs it
Farms buying blanket Coverage G (FP 04 28).
Quoting and selling notes
Values must be accurate; an understated statement can lead to a coinsurance-style shortfall in a large loss. Wording reviewed: 10 06 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.
