HSB has launched Precision Ag insurance which addresses the risks associated with modern farms, agricultural data, technology, and state-of-the-art farming equipment.
It offers protection against multiple risk factors like equipment failure, malfunctioning electronics, and data loss/breach. Precision Ag insurance aims to cater to the needs of both large and small-scale farm operators.
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Headquartered in the US state of Connecticut, Hartford Steam Boiler (HSB) is part of Munich Reinsurance Company.
Farming operations are mostly carried out in harsh conditions. The equipment(s) and their electronic components involved are constantly exposed to dust, water, chaff, etc, which can cause machinery to break down and short circuits.
Ken Grothe, assistant vice president for HSB said: “Data and technology are at the center of today’s farming operations.
“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.”
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By GlobalDataPrecision Ag covers physical as well as electronics failure which includes firmware for sensors, cameras, and monitors, which help operate large equipment like tractors and harvesters. It also offers to extend the coverage to smaller farming equipment(s).
The advent of technology has helped farmers increase their produce multiple folds. Data used in sowing, harvesting, and managing is crucial. Loss of which at the hands of hackers and cybercriminals could cause serious disruption.
Precision Ag can incorporate HSB’s cyber protection service, which can protect against cyber threats, helps with data restoration and system optimization. It extends to personal devices too which are used for farming.
Precision Ag also offers HSB’s Internet of Things sensor solution insurance services for losses on farm property. Apart from this HSB specialists offer Agribusiness risk management services. Who claim to have immense experience in the field.
Precision Ag insurance can be availed through property-casualty insurers who partner with HSB.
