What does Crop Hail Insurance mean? Read on to discover the definition & meaning of the term Crop Hail Insurance - to help you better understand the language used in insurance policies.
Crop Hail Insurance
An insurance policy, marketed and underwritten by private insurers, that covers hail damage to insured crops. Farmers often purchase this coverage in areas of the country susceptible to hail, particularly for high-yielding crops. Unlike federal crop insurance, the federal government does not subsidize crop-hail insurance. Licensed insurance agents sell it and the premiums depend, for a large part, on past loss experience. The coverage is township or county rated; in other words, the rate is determined by the historical hail loss experience of that particular township or county. The perils of fire and wind can be added to this coverage; although the availability of these extensions varies by state and by type of crop.
We hope the you have a better understanding of the meaning of Crop Hail Insurance.