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Southwest Illinois | You should have liability coverage in the amount of your gross asset value. If you have a $1M liability coverage through regular farm insurance and you own $10M in assets you are under insured. We are in the process of completing a large liability claim so unfortunately I have become more well versed in the amount of liability coverage one needs. I will say it does depend somewhat on your location and the judges that would be hearing your case. We are unfortunately located in an urban county that is a judicial hell hole. We loaded up liability coverage about 5 or 6 years ago and I am thankful we did that. Doesn't take long if someone gets permanently injured for the amounts to reach into the tens of millions. Unfortunately is cheaper to kill someone than it is to cause life long injuries. | |
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Farm Liability Insurance
