What it does
FP 04 62 is listed in ISO's FR-2024-OFR24 farm filing as Scheduled Personal Property (With Agreed Value Loss Settlement). Agreed value scheduling pays the scheduled amount for a total loss rather than an amount determined after the loss.
Who needs it
Farm households and operations with valuable items (jewelry, firearms, collections, saddles) that should be scheduled at agreed values.
Quoting and selling notes
Obtain appraisals or bills of sale for each scheduled item.
Before presenting it
Ask the carrier for the specimen and read it with the farm coverage form it modifies before explaining it to the insured.
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.
