Definition - What does Hail Insurance mean?
Hail insurance refers to a policy bought by farmers that covers damage to crops because of hail and other natural disasters. It is usually provided by the government in the US as a way of protecting agriculture in the country.
Insuranceopedia explains Hail Insurance
Hail insurance usually falls under the more general term crop insurance. The latter term suggests that crops are not just protected from hail but from other natural disasters as well, like fire and storms.
The government, through the Federal Crop Insurance Corporation, provides this policy for farmers. This is not just to protect the farmers but the agricultural industry as well. It is a recognition that agriculture provides so much for the economy of a state.
Private insurance companies sell crop-hail insurance. This type of insurance covers damage from hail alone. Private insurance for farmers tend have policies designed for a specific peril.
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