Peel Mutual Insurance Company

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Loss of Farm Income Policy

Farm Income Calculation (for highest income month)

This form has been tested with Internet Explorer 5.0 and should function under all JavaScript Compliant browsers. If you are having problems using this form, please visit the text version of this form.
Once you have completed entering all the data in each section be sure to click on the buttons (in sequence) to perform the calculations. If you change any information you will also have to click the buttons again.

HINT: You can use the TAB key to step through the fields. When a button is highlighted you can press SPACE to click on it. Of course you can also use the mouse to select or click.
SALES:
Sale of Produce (milk, eggs etc.)	$
Sale of Livestock	$
Sale of Grains	$
Subsidies	$
Other Sales	$
Gross Sales		$

COST OF SALES:
Labour	$
Machinery & Equipment Repairs	$
Fuel Expense	$
Building & Fence Repairs	$
Electricity & Telephone	$
Feed Purchases	$
Animal Health & Breeding	$
Crop Expense	$
Rents	$
Taxes	$
Mortgage	$
Farm Loans	$
Other Expenses	$
	$
Total Cost of Sales		$
		$ NET FARM INCOME

ADD BACK IN EXPENSES THAT WILL CONTINUE IN THE EVENT OF A LOSS:
Labour (you want to keep)	$
Taxes	$
Mortgage	$
Rents	$
Farm Loans	$
Electricity & Telephone	$
Fuel Expense	$
Feed Purchases	$
Animal Health & Breeding	$
Temporary Facilities	$
Other Continuing Expenses	$
	$
	$
Total Continuing Expenses		$
		$ LOSS OF INCOME

FACTORS TO CONSIDER
ESTIMATED DURATION OF REPAIR
A) What will take the longest to replace?
B) How long?	months
Once you have calculated the estimated time it would take to repair or replace and have determined which month is your highest income month, calculate your farm income for that month. THE AMOUNT OF COVERAGE NECESSARY TO PROTECT YOUR FARM INCOME IS: # OF MONTHS x (C + D) $ = LOSS OF FARM INCOME COVERAGE REQUIRED $ . REMEMBER: THE MAXIMUM AMOUNT PAYABLE IN ANY ONE MONTH IS 25% OF THE COVERAGE PLACED

Your local agent/broker knows your community and knows insurance. They can help you set up the insurance program you need.

This page contains general descriptions only. The exact provisions, terms and conditions of the policy apply in all instances.

Mission Statement:
Peel Mutual Insurance Company, owned by its policyholders, is committed to providing those owners, through its agents and brokers, with quality insurance products at cost, delivered and serviced by a dedicated staff.