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FARMOWNERS AND RANCHOWNERS

Farm and ranch owners insurance is similar to a homeowners policy with extensions of coverage specific tofarms and ranches. Specifically, coverage is extended to barns, stables, and other farm buildings as well as liability resulting from farm and ranch operations. Homeowners policies exclude coverage (property and liability) for any business operations. Farm and ranch policies include coverage for farm and ranch business property and operations. For example, a barn is excluded under the outbuilding coverage of a homeowners policy because it is a structure used in business. Under a farm or ranch policy the barn and its contents are covered. Additionally, liability that arises from farm or ranch operations is also covered. An example is a cow that gets through a fence and causes an accident on the highway.

Farmowners insurance

These policies, sometimes referred to as farm insurance, provide homeowners, commercial property, and commercial liability coverage. The unique combination of commercial and personal coverages is necessary because it is typical for farms to have both residential and commercial characteristics. Coverage can apply to farms or ranches. These types of policies typically pertain to family and individually operated farms, not large commercial or corporate farming operations. Some farm coverages may be written on a monoline basis.

Fatal Accidents Act 1976

Enables the dependants of a person killed by the defendant’s tort to claim for their financial losses and separately for bereavement. Dependants able to show a financial dependency will be able to claim provided that the deceased would have had a claim had he survived. The damages take account of earnings spent on the dependants, savings for their future, non-essentials and the value of services rendered. The bereavement claim, fixed at £10,000 per claim (fixed in 2002, reviewable), is divided equally among the eligible dependants to compensate for the non-pecuniary aspects such as emotional stress. It is only available to the surviving husband or wife, or, if the deceased was unmarried and a minor, to the parents.

Fault

Defined in the Law Reform (Contributory Negligence) Act 1945, as ‘the negligence, breach of statutory duty or other act or omission which gives rise to liability in tort, or would apart from this Act, give rise to the defence of contributory negligence. Under the Employers’ Liability (Defective Equipment) Act 1969 fault means ‘negligence, breach of statutory duty, or other act or omission which gives rise to liability in tort in England and Wales or which is wrongful and gives rise to liability in damages in Scotland’. In professional liability insurance it is a ‘breach of a civil duty.

Fault liability system

Legal system where an injured party can only recover compensation when able to attach fault to a third party. With the main exception of government-provided industrial injury benefits, the UK operates a fault liability system. The injured party has to prove a third party’s breach of duty in order to recover damages aided in some instances by legislation creating a strict liability, e.g. the Consumer Protection Act 1987.

Fault Tree Analysis

Procedure for discovering all possible causes of a particular accident by identifying all factors that can contribute to it. These factors are diagrammed in sequence, which forms a “tree.” The branches of the tree are continued until independent or uncontrollable events are reached. Probabilities are determined for these independent events in order to compute both the probability of the accident and the most likely chain of events leading to that accident.