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Nationwide Agribusiness Insurance Company debuts a new farmowners policy this month in Ohio, aimed at addressing the coverage needs expressed by Ohio Farm Bureau Federation (OFBF) members. The new policy contains broader coverages and numerous upgrades. Many of the changes reflect suggestions made by OFBF members who voiced their opinions in focus groups and surveys conducted by Nationwide during the past two years.

"It was extremely valuable for Farm Bureau leaders to be involved with the development of this new product from the very beginning," said Terry McClure, OFBF president. "This is another example of how our close working relationship with Nationwide creates some real benefits for our members."

Nationwide is issuing the new policies under its Nationwide Agribusiness Insurance Company name, emphasizing its commitment to agricultural customers. The mutual insurer was founded by the Ohio Farm Bureau in 1926, and today is the largest insurer of farms and agribusiness cooperatives in the United States.

"We’re pleased to provide the first of the new farm policies this month to our new customers in Ohio," said Duane Meyer, president of Nationwide Agribusiness Insurance. "Our current farmowner customers in Ohio will receive new policies when they renew their coverages, beginning in March," he said. Nationwide agents will continue to sell and service farm coverages.

At least 60 days before renewal dates, customers will receive a welcome letter. "The letter will let the customer know that we are discontinuing farm coverage previously written through Nationwide Mutual Fire Insurance, and providing new coverage through Nationwide Agribusiness Insurance," Meyer explained.

New policies will be issued at least 35 days before renewal dates, along with details of coverage changes. "Your Nationwide agent will be ready to help if you have questions about your coverage or need further explanation," Meyer noted.

"Enhancements to the farm policy are designed to significantly broaden the protection we provide to farmers," added Mike Pesek, Nationwide’s vice president of sponsor relations and business development. "The new policy will feature some higher sublimits and valuation provisions for livestock and hay stacks, and equipment coverage with a broader range of perils.

"We’re also including a number of coverages in the base policy that previously were available only as separate endorsements to a policy," said Pesek. Examples include coverage for:

• Foreign objects ingested by a combine
• Damage during towing and hitching
• Breakage of cab glass with no deductible

"Behind the scenes," he said, "enhancements also have been made to help agents provide customers with faster information about coverages, rate quotes, billings and claims status."

Dan Rapp, OFBF’s director of member services, said Ohio Farm Bureau members "will receive the best farm insurance coverages for their needs, and at a substantially lower cost than nonmembers.

"Our members will continue to receive significant premium savings on farmowners protection as an OFBF member benefit," Rapp said. Overall premium costs will vary depending on the blend of coverages in each policy.

Customers will have more flexibility in how they pay for their farm policies, Rapp added. "A new payment plan allows customers to choose the frequency and amounts of payments to help with cash flow and budgets of their operations," he said.

For more information about the new farmowners policy for Farm Bureau members, contact your local Nationwide Insurance agent.