Hail Insurance Law and Legal Definition
Hail insurance is an insurance coverage against hail damage to crops. As per the conditions of hail insurance, one party promises to compensate another for the financial loss incurred by the destruction of agricultural products from the forces of nature, such as rain, hail, frost, or insect infestation. However, the coverage will be on a proportionate basis. For example, if loss occurs, a farmer will recover an amount based on the ratio of the damaged part of a crop to the entire crop.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
