Special Annual Report Issue - AgGeorgia Farm Credit

Association NewsAgGeorgia Farm CreditHeifer Show Held in CalhounShown here are two photos of the winners of the Farm Credit Heifer Show held this pastNovember in Calhoun. Madison Miller of the Gordon County 4H showed the Champion 5thGrade or below Reserve Champion Angus. Madison was also the Showmanship winner forher class. Supreme Champion Heifer Shown by Lea Crump Gordon County 4-HerReserve Supreme Heifer shown by Kallie Johnson Cherokee County 4-HerInsuranceReminderAgGeorgia Farm Credit, Agricultural CreditAssociation (Association) loan agreementsand/or commitment letters stipulate thatborrowers obtain and maintain insuranceon property pledged as security for loanswith the association named as mortgagee orloss payee as appropriate.This notice is a reminder that theminimum amount of coverage requiredto be maintained is the lesser of your loanbalance(s), the actual cash value of theproperty, the replacement cost of the propertyor the amount stipulated by your loanofficer. Since the amount required could beless than the amount for which the propertycan be insured, you are encouraged toconsider higher limits where applicable toadequately protect your equity interest inthe property.If the property securing your loan consistsof improved real estate, unless otherwiseadvised, at a minimum, your policymust insure against the following perils:fire and lightening, wind, hail, aircraft orvehicle damage, riot or civil commotion,explosion, smoke damage, water damage(other than flood), falling objects, weightof snow, ice or sleet and vandalism. Lossor damage from flooding is also required ifyour loan was made after October 4, 1996,and at the time the loan was made the propertywas located in a government mandateSpecial Flood Hazard Area and flood insurancewas available.If the property securing your indebtednessconsists of personal property includingvehicles, machinery or equipment, in additionto the causes of loss cited in the precedingparagraph, the property must also beAgGeorgia.13.Winter 2007