KUBOTA INSURANCE

Kubota Insurance – What Credit Score Is Needed ?

Any type of Kubota credit, whether it be finance or leasing, will be offered to an individual or not depending upon whether the credit agency involved and in this case Kubota as well deem the individual to be a suitable credit risk or not.

The process involved in establishing this is quite a complex one, although the end result often makes it seem slightly over simplistic.

This means that anyone who applies for credit of any type with any institution is effectively checked by a credit agency, of which nationally there are normally two or three.

They will do a thorough background check on the individual and their financial commitments and obligations and produce a report that assesses the credit agencies view of their financial suitability for credit.

The credit agency initially undertakes what is known as a credit report on the individual.

This involves collating a large amount of information relating to the individual’s personal history and their credit history.

The information collected with regard to their personal and life history relates to information such as their name, date of birth, their current and previous addresses, their current and previous telephone numbers.

Also collected information relates to their Social Insurance Number or their Social Security number, their drivers license and their passport. Information will also be collected concerning their current employment and all previous employment and any financial information that may stem from that area.

The credit agency will also collect information on the individual’s credit history.

CREDIT SCORE / CREDIT REPORT

This relates to a scan of public records for things such as bankruptcy.

Their banking history also be analysed including their level of overdrafts and whether they were authorised or not, whether any bank accounts have been closed due to lack of funds or overdrawn checks.

Any current and previous loans and mortgages will also be checked, specifically with a view to see how much was lined on whether it was appropriate and whether there were or are any problems regarding repayment terms.

Lines of credit will also be analysed to see what type of credit has been granted and in which specific areas. Also all types of credit cards and any store cards also be looked at along the same terms as well as any telephone or Internet payment problems.

Specifically there will also be a focus on what are known as pay day loan applications, which anecdotally are known to have an adverse affect on an individual’s credit score.

Once the credit agency has assembled this information relating to an individual’s personal life and their credit history they use the information to evaluate the individual and work out what they deem to be a credit score.

This credit score is essentially a single number, although it may be a triple digit number, that is set as a value between a range of two other numbers or values.

As an example, an individual may have a credit score of 50, set between a range of 1 and 100. this would indicate that the individual has an average credit rating.

In practice credit agencies use a much greater range of values as this gives them a much greater specificity of where to put the individuals credit score and accurately reflect their credit rating.

Credit agencies work out a credit score specifically on the basis of the history of the individual.

This applies to their payment history on all credit loans mortgages has been taken out, they use of available credit, their length of credit histories and what types of credit they had used.

A credit agency will also take into account the number of enquiries or credit applications that have been made and when they have been made.

After this process has been gone through, the credit agency will come up with a specific number that indicates their view of the creditworthiness of the individual.

This number will then be used by Kubota to decide whether or not to offer credit by way of finance and leasing to an individual, and if so on what terms and conditions.

Kubota may decide to offer credit to someone with a poor credit history but by increasing the size of the down payment and the interest rate charged to reflect a greater risk. Alternatively they may decide to deny credit, and suggest the individual seeks help elsewhere.

Many dealerships will also offer advice for people with poor or bad credit histories and some will have links to specific financial institutions who may be able to help.

A good dealer will go the extra mile to help an individual get credit when Kubota itself not able to offer credit because they view the individual to be a bad risk, but still want to sell them a tractor.

Farm Insurance and Agricultural Equipment Guide

Anyone who owns or rents a farm or a branch of any size or description, and effectively runs it as a commercial business, needs to have specific areas of insurance directly tailored to their needs.

A farm is essentially a mix of a home and a business, both in terms of buildings, plant and machinery, agricultural vehicles and in terms of workforce.

Specific risk assessments ideally need to be done on all areas of the business, in order to establish levels of risk and which ones are and are not covered by an insurance policy.

This is a general guide to some of the principles that may be helpful when assessing the need for farm insurance.

Farm Insurance – Buildings

As a farm or a ranch is both a home and a business, all buildings and all land including all outbuildings, whether used or not, and any area of land connected with the property at all needs to be included.

Farm Insurance – Crops

Some type of crop insurance may be essential. Check if there are any government schemes available first, and that check what type of risks your policy will cover you against, i.e. hail damage. This is one example

In a lot of insurance policies will offer some type of cover for damage of crops prior to harvesting, which effectively cause severe business interruption. Many policies will exclude cover once crops have been harvested and for various other reasons.

Farm Insurance – Engineering Insurance

Insurance against damage to plant and machinery is essential. Levels of cover differ.

There are normally limitations are stored is determined as plant. A pressure plant is normally defined as a plant that contains a boiler plant, a plant subjects to steam pressure and a plant used to contain fluids under pressure.

Make sure that storage tanks are also included. Also crucial to make sure that clearing up and spillage costs are included, as well as that of debris removal.

Farm Insurance – Deterioration of stock

This area of agents is designed to cover the value of stock that is damaged by risks such as a breakdown in a refrigeration unit or a temporary loss of access to public utilities such as water/electricity or gas resulting in damage to stock.

Makes sure the sums insured for the saleable value of the stock, otherwise under insurance will apply.

Farm insurance – livestock insurance

This type of insurance cover is normally restricted to two main areas, that of death or slaughter on humane grounds, when caused by an insured peril or theft.

The insurance company will normally insist on a strict ‘poultry warranty’ in the policy which stipulates checks on conditions in which poultry are kept, such as electricity supply, extraction systems, temperature variation and mains alarm systems and standby or backup generators.

Farm Insurance – Livestock in Transit

This is designed to cover the cost of livestock fatally injured in any motor accident.

There are likely to be local/national rules concerning the transportation of livestock, and you must make sure these are adhered to. Also make sure that insurance policy covers subcontractors, veterinarians fees and debris removal.

Farm Insurance – Livestock Herd Diseases

This is normally designed to cover you if livestock to be humanely destroyed as the direct result of a specific disease.

The diseases will normally listed or spelt out in the policy, and often include Tuberculosis, Brucellosis and Foot and Mouth.

Farm Insurance – Business Interruption

Any of the losses covered under a farm insurance policy can have a serious knock-on effect in terms of not simply making a business unprofitable, but of interrupting or stopping the business functioning at all for periods of time.

The insurance should provide some cover for this, but will be very specific in terms of what it deems business terminology

Farm insurance – Contractors All Risk Insurance

This area of the insurance policy is designed to give you maximum cover where you are effectively operating as a contractorEither on your own property, or on soils as property or anywhere within the specified geographical limits of the policy.

Farm Insurance – Goods in Transit

This is separate to livestock in transit, and is designed to provide cover for any goods that you may need to move around the locality or nationally, by the doing it yourself or with a subcontractor or haulier.

This area of insurance can be extremely expensive, simply because it is notoriously high risk. The insurance policy is likely to specify exactly what it considers to be high-risk items, and impose strict limits on the value and number of such items can be carried.

There are also likely to be stringent comments regarding security and anti theft measures regarding the goods.

Farm Insurance – Liability Insurance

The type and levels of liability joint required will vary significantly depending upon the nature of the farm and its business. There are a few general areas should be considered.

Farm Insurance –Employer liability.

It is important that as an employer you are fully aware yourself of any local national legal requirements concerning health and safety conditions at work, and make sure that these are fully implemented.

There are quite often specific conditions relating to a farm, as opposed to an industrial complex, and it is crucial is understood. On top of this, as an employer you will need to have specific employers liability insurance.

Make sure all employees including family are included and covered, as well as any subcontractors you might use.

Farm Insurance – Public and Products Liability

Public and product liability insurance often goes together.

The important thing to realise with product liability pretty is that you need to have it in relation to any goods that you have any connection with irrespective of whether you actually produce them are not.

This means that you need products liability insurance in relation to any goods that you store, repair, label test or process or you transport.

KUBOTA INSURANCE

Arranging insurance for a Kubota tractor can sometimes be done to an individual’s home owners insurance policy, depending upon the size of the tractor and whether it is being used for domestic or business purposes.

Insurance companies vary quite widely as to whether they will provide cover or not. Those that do provide cover all willing to extend a policy normally provide fairly restrictive coverage.

Normally a much better alternative is Kubota’s own dedicated website, which provides a much better and more inclusive range of insurance products, and will normally be a requirement of any credit arrangement made, either with Kubota credit or any other credit agency.

Kubota Insurance – Cover

Kubota’s website gives a brief indication of the type of perils it will insure against :

Theft

Fire

Glass Breakage

Falling Objects

Collision

Hail

Tornado

Hurricane

Flood

Vandalism

Roll-Over (upset)

Earthquake

Water Damage

This is a fairly generalised list, but should give an indication of the type of cover that is available.

Kubota Insurance – Risk assessment

Anyone owning a Kubota tractor would do well to do a risk assessment of their home and environment, whether as a formal or an informal process.

Anyone who uses a Kubota tractor simply as a domestic vehicle will have different risks and therefore different insurance requirements to someone who uses a Kubota Tractor in any type of commercial setting.

Any risk assessment of a Kubota tractor for insurance purposes would do well to focus on certain areas of operation, mainly the cost of replacement cost of the tractor itself and public and employee liability, and make sure these risks are covered under the insurance policy itself.

Kubota Insurance – Specific policy areas :

Damage to or theft of the tractor and where it is located

Liability to the public

Liability to any employees if a commercial operation

Who is authorised to use the tractor

Where the tractor is authorised to be used, i.e. on privately owned land, on public roads and /or on neighbouring or adjacent farms

Trailers – what is specified as a trailer, i.e. an articulated trailer unit, what is not specified, and for usage and on what types of terrain the trailer is covered.

Whether the tractor is covered or not when it is in possession of a third party for purposes of servicing and repair, including transit thereof to any third party dealership or similar.

Goods in transit insurance – really important to know what is and is not covered on a domestic/commercial basis, this can affect general wear and tear of products, business interruption and certain aspects of any liability insurance policy.

Whether or not any legal protection costs are included in the policy

Whether or not tree filling or tree haulage is covered if appropriate

All accessories or attachments that are likely to be used on any Kubota tractor for any purpose or insured at all times.

Kubota Insurance – Tractor Safety

Kubota Tractor safety is a huge issue both in terms of any individual’s actual safety and in terms of risk assessment and subsequent insurance costs.

There are three main areas of safety that are key.

To make sure that any operative of the Kubota tractor has fully studied and understood the instruction manual that comes with the tractor, especially how to stop it in an emergency, and all the emergency procedures recommended by the manufacturer.

That any operative of the Kubota tractor is fully qualified and capable of driving an understanding of mechanics of the tractor.

This is especially important where a Kubota tractor is used either in a domestic setting or on a family farm, where there may be a temptation to let someone who is a younger member of the family use the vehicle.

Capability of driving any type of Kubota tractor should be carefully assessed and if in doubt as to what age is appropriate check with the manufacturer or local law enforcement.

The Kubota tractor itself should always be fitted with a Roll Over Protective System (ROPS) and a seat belt which should be worn at all times.

On all modern Kubota tractor a ROPS will come as standard, but may not be fitted to some older models or Kubota tractors that were bought on the grey market.

Kubota Insurance – Accident Prevention

The main causes of accidents when using a Kubota tractor tend to be threefold.

The most common type of accident tends to happen when a Kubota tractor is being used too close to a verge or is being used at such an angle that the tractor becomes unstable and tips over.

A Kubota tractor should only ever be used on land that is relatively flat, and on land presents no possibility of the machine tipping over onto its side. A Kubota tractor should also never be driven backwards for the same reasons.

Another major cause of accidents is when the Kubota tractor hits an individual or object because the environment in which the tractor is being used has not been secured properly.

It is essential when using any type of tractor to make sure there are no individuals or noticeable objects that could come into contact with the tractor and cause damage or fatality to the individual or the tractor itself.

The other type of accident tends to happen when the operative of the tractor leaves the vehicle and either hasn’t turned it off properly or put it in its designated parking mode, resulting in some type of runaway tractor that can obviously cause immense damage.

Kubota Insurance and Farm Insurance

If a Kubota tractor is being used on a farm or ranch, or in any type of agricultural or commercial setting then it is possible that it will need to be included as part of an overall farm insurance policy.

When this is the case it is advisable to specify the tractor or tractors so they are listed individually, along with any attachments or implements associated with such tractors. It is also a good idea to list any manufacturers details as well.