HARTFORD, Conn.--(BUSINESS WIRE)--HSB Precision Ag insurance, a flexible suite of coverages for today’s evolving farm data risks, technology and state-of-the-art equipment, was introduced today by HSB, part of Munich Re.
Designed for large commercial enterprises and smaller family farms, it combines 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.
It’s protection for the latest farming risks, including coverage for stationary equipment, electronics in the cab, key farming implements, and cybersecurity threats.
“Data and technology are at the center of today’s farming operations,” said Ken Grothe, assistant vice president for HSB. “Increasing demand and climate change are driving the need for more efficiency and producers are pushing their equipment harder than ever. Farmers can’t afford expensive breakdowns, downtime, or the loss of critical information they depend on.”
Breakthrough Microelectronics Protection for Farm Implements
Operating in harsh conditions, farm machinery and electrical components are vulnerable to dust, chaff and other elements that can cause breakdowns and short circuits.
Precision Ag 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’s 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.
Farm Cyber Coverage for Indispensable Crop Data
Modern farming aggregates a tremendous amount of data to increase yields when planting, managing and harvesting crops. The loss of that data to hackers and cyber-attacks can reduce efficiency and drive up costs for fuel, fertilizer and irrigation.
Precision Ag is available with additional HSB farm cyber coverage and services for computer attacks and cyber extortion, including data restoration, income loss and expense, and system improvements to help prevent future cyber-related losses.
The extra cyber protection extends to personal devices used in the business of farming.
IoT Sensors and Farm Risk Management Services
In addition to equipment breakdown and cyber insurance, Precision Ag offers HSB’s Internet of Things sensor solutions to help prevent losses on farm property.
Agribusiness risk management services can be provided by HSB specialists, who have experience with solar and wind systems, grain drying and storage, and poultry and hog confinement.
Precision Ag is available through property-casualty insurers who partner with HSB to add the coverage for their farm policyholders.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.