What it does
FP 04 50 amends the definition of "insured" in the farm property forms to include the persons or organizations named, but only for the insured location described. Loss is payable to the named insured shown in the declarations.
Who needs it
Farms with co-owners, landlords or relatives who share an interest in farm property, such as a landowner who owns buildings the farm uses.
Quoting and selling notes
Use loss payable or mortgage provisions for lenders; use this endorsement for persons who should be treated as insureds. Wording reviewed: 01 98 edition.
How it fits the farm policy
A farm program endorsement changes only the coverage forms named in its "this endorsement modifies" list. Everything else in the Farm Coverage Part keeps working as written: the FP 00 90 additional coverages, conditions and definitions, the causes of loss selected from FP 10 60, and the farm liability forms. When presenting a quote, list each farm endorsement with its schedule entries (insured location, building or item, limit, deductible) so the insured can see exactly where the base coverage was broadened or narrowed.
