Date of Release: October 21, 2022
State: Michigan
Effective Date: January 1, 2023 — New and Renewal Business
Overall, these changes will reflect a slight increase in rates for the Hastings Mutual book of business. The premium for each policy will vary based on the specific characteristics of the risk. Talk with your underwriter about the change and how it affects your book of business.
We are excited to be adding two optional endorsements to enhance our Farmowners program to provide quality coverages for your policyholders.
Farm Scheduled Property Replacement Cost Loss Settlement (PD 06 10 04/22)
Provides replacement cost on scheduled personal property (livestock and peak season excluded). The items covered must be insured to value (confirmed at time of loss and coverage placement) and must be six years of age or newer. There is no premium charge for this coverage, however the covered property MUST be insured to value to qualify for coverage, which will be confirmed at time of coverage placement and time of loss.
Farm Vehicle Emergency Assistance (PD 06 09 4/22)
Provides emergency assistance to vehicles on the farm not licensed for road use. Assistance is available in the event a tire change is needed, fluid delivery is needed, or if minor mechanical is needed to get equipment mobile enough to get to repair facility with a $350 reimbursable limit. Each personal auto has a cost of $12 and any other vehicle has a cost of $15 each.
Please make sure you are linked to the latest version of the Michigan Farmowners manual and the current version of each manual you access.
Thank you for your business.
This bulletin does not change the language of any policy. If there is a conflict between this bulletin and the policy language, the policy language will apply.