Deductibles and valuations
- Agricultural and consumer use: $500
- Commercial and industrial use: $1,000
Deductibles are based on use at the time of loss.
Valuation is an actual cash value up to the cash price, whichever is less.
Effective July 1, 2005, all cotton strippers financed on a John Deere Financial (JDF) retail note or lease, which include UltraGard Physical Damage Insurance, will have a $500 deductible (reduced from $5,000 deductible). This change applies to JDF contracts with an effective date of July 1, 2005 or later.
Effective July 1, 2003, the deductible on cotton pickers will be $5,000 for any loss, except by fire. For loss caused by fire, the deductible is the greater of $5,000 or 3% of the original selling price (prior to any trade-ins or other allowances).