What the form is
The FP DS 30 is an Insurance Services Office (ISO) advisory declarations page specifically designed for Farm Inland Marine coverages. It is a crucial summary document that outlines key information pertinent to the insurance policy. This form consolidates essential details such as the insured's name and address, the insuring company's details, policy period, premium amounts, and a list of endorsements attached to the policy. While insurance companies may modify these standard forms to suit their specific needs, the core information generally remains consistent because the underlying coverage forms refer to details found only in the declarations.
Classes of business it applies to
This declarations page is used in conjunction with farm insurance programs, particularly those providing inland marine coverage for agricultural operations. It would be utilized for various types of farms, from small family farms to larger agricultural businesses that require coverage for specialized equipment or livestock. For example, a farm that needs coverage for its mobile agricultural machinery (like tractors and combines) or its livestock would likely have an FP DS 30 as part of its policy documentation, alongside specific coverage forms like the FP 00 30 (Mobile Agricultural Machinery and Equipment Coverage Form).
Special considerations
Accuracy of the information on the FP DS 30 is paramount. Errors or omissions on this declarations page can lead to significant issues at the time of a claim, potentially affecting the claim settlement. This form is always used as a summary page in the ISO recommended Farm Inland Marine Declarations set, which also includes FP DS 31 (Mobile Agricultural Machinery and Equipment Coverage Form Declarations) and FP DS 32 (Livestock Coverage Form Declarations). It's important to ensure that all information, including names, addresses, limits, and listed endorsements, is correct and up-to-date.
Key information for agents and underwriters
For agents, it's critical to meticulously review the FP DS 30 with the insured to confirm the accuracy of all listed information. This includes verifying that all intended coverages, limits, and endorsements are correctly reflected. Underwriters rely on the information on the declarations page to understand the scope of the risk being insured. Any discrepancies between the declarations and the actual risk exposure can lead to improper rating or coverage gaps. The FP DS 30 serves as a foundational document that links the policyholder's specific details and coverage choices to the broader terms and conditions of the farm insurance policy. It also provides a clear record of the premium charged for the provided coverages.