HARTFORD, Conn.–(BUSINESS WIRE)–HSB Precision Ag insurance coverage, a versatile suite of coverages for right this moment’s evolving farm knowledge dangers, expertise and state-of-the-art gear, was launched right this moment by HSB, a part of Munich Re.
Designed for giant business enterprises and smaller household farms, it combines gear breakdown and cyber insurance coverage to supply broad safety for data-driven precision agriculture.
Precision Ag gives a selection of insurance coverage endorsements and loss prevention companies designed to stack and work collectively with out the potential gaps of some standalone farm insurance coverage insurance policies.
It’s safety for the newest farming dangers, together with protection for stationary gear, electronics within the cab, key farming implements, and cybersecurity threats.
“Information and expertise are on the middle of right this moment’s farming operations,” stated Ken Grothe, assistant vice chairman for HSB. “Rising demand and local weather change are driving the necessity for extra effectivity and producers are pushing their gear tougher than ever. Farmers can’t afford costly breakdowns, downtime, or the lack of crucial data they depend upon.”
Breakthrough Microelectronics Safety for Farm Implements
Working in harsh situations, farm equipment and electrical parts are susceptible to mud, chaff and different components that may trigger breakdowns and brief circuits.
Precision Ag covers the bodily breakdown of kit and the failure of microcircuitry and firmware for sensors, displays, cameras and different electronics contained in the cabs of tractors and combines.
It’s the primary farm insurance coverage with an choice to increase that protection to transportable agricultural implements, comparable to seeders, sprayers, spreaders and tillers, for each mechanical breakdowns and undetectable harm to the delicate microelectronics that management them.
Farm Cyber Protection for Indispensable Crop Information
Fashionable farming aggregates an incredible quantity of knowledge to extend yields when planting, managing and harvesting crops. The lack of that knowledge to hackers and cyber-attacks can scale back effectivity and drive up prices for gas, fertilizer and irrigation.
Precision Ag is on the market with further HSB farm cyber protection and companies for laptop assaults and cyber extortion, together with knowledge restoration, earnings loss and expense, and system enhancements to assist stop future cyber-related losses.
The additional cyber safety extends to private units used within the enterprise of farming.
IoT Sensors and Farm Danger Administration Companies
Along with gear breakdown and cyber insurance coverage, Precision Ag affords HSB’s Web of Issues sensor options to assist stop losses on farm property.
Agribusiness threat administration companies will be supplied by HSB specialists, who’ve expertise with photo voltaic and wind methods, grain drying and storage, and poultry and hog confinement.
Precision Ag is on the market by way of property-casualty insurers who accomplice with HSB so as to add the protection for his or her farm policyholders.
Hartford Steam Boiler (HSB)
HSB, a part of Munich Re, is a multi-line specialty insurer and supplier of inspection, threat administration and IoT expertise companies. HSB insurance coverage choices embody gear breakdown, cyber threat, specialty legal responsibility and different coverages. HSB blends its engineering experience, expertise and knowledge to craft creative insurance coverage and repair options for current and rising dangers posed by technological change. All through its 150-year historical past HSB’s mission has been to assist shoppers stop loss, advance sustainable use of power and construct deeper relationships that profit enterprise, public establishments and customers. HSB holds A.M. Finest Firm’s highest monetary ranking, A++ (Superior). For extra data, go to www.hsb.com and join on LinkedIn, Twitter and Facebook.
Munich Re is likely one of the world’s main suppliers of reinsurance, main insurance coverage and insurance-related threat options. The group consists of the reinsurance and ERGO enterprise segments, in addition to the capital funding firm MEAG. Munich Re is globally energetic and operates in all strains of the insurance coverage enterprise. Because it was based in 1880, Munich Re has been identified for its unrivalled risk-related experience and its sound monetary place. It affords prospects monetary safety when confronted with distinctive ranges of injury – from the 1906 San Francisco earthquake by way of to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses excellent modern energy, which permits it to additionally present protection for extraordinary dangers comparable to rocket launches, renewable energies, cyberattacks, or pandemics. The corporate is taking part in a key position in driving ahead the digital transformation of the insurance coverage trade, and in doing so has additional expanded its capability to evaluate dangers and the vary of companies that it affords. Its tailored options and shut proximity to its prospects make Munich Re one of many world’s most sought-after threat companions for companies, establishments, and personal people.