Munich Re launches hybrid insurance coverage for precision agriculture sector
HSB, a division of Munich Re, has launched HSB Precision Ag insurance, a suite of coverages designed for the farming and agricultural sector.
Designed for large commercial enterprises and smaller family farms, the coverages combine equipment breakdown and cyber insurance to offer broad protection for data-driven precision agriculture.
Precision Ag provides a choice of insurance endorsements and loss prevention services designed to stack and work together without the potential gaps of some standalone farm insurance policies, HSB said.
It covers the physical breakdown of equipment and the failure of microcircuitry and firmware for sensors, monitors, cameras and other electronics inside the cabs of tractors and combines. It also offers protection for stationary equipment, electronics in the cab, key farming implements and cybersecurity threats, incorporating internet of things sensor solutions to help prevent losses on farm property.
HSB said Precision Ag is the first farm insurance with an option to extend that coverage to portable agricultural implements, such as seeders, sprayers, spreaders and tillers, for both mechanical breakdowns and undetectable damage to the sensitive microelectronics that control them.
Additional HSB farm cyber coverage is also available to protect against computer attacks and cyber extortion, including data restoration, income loss and expense, and system improvements to help prevent future cyber-related losses. This extra cyber protection extends to personal devices used in the business of farming.
Ken Grothe, assistant vice president for HSB said today’s farming operations revolve around data and technology. “Increasing demand and climate change are driving the need for more efficiency and producers are pushing their equipment harder than ever,” he said. “Farmers can’t afford expensive breakdowns, downtime, or the loss of critical information they depend on.”
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