Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 8

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 8
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Nodak Insurance, Battle Creek, and American West
each write homeowners and farmowners policies to provide coverage for damage to buildings, equipment, and contents for a variety of perils,
including fire, lightning, wind, hail, and theft. These policies also cover liability arising from injury to other persons or their property
while on the insured’s premises. Home and farm accounted for $107,203 (31.3%) of direct premiums written by the Company on a consolidated
basis during 2024.

Crop

Nodak Insurance, American West, and Battle Creek
offer crop hail and multi-peril crop insurance policies. Multi-peril crop insurance is a federal program that protects against crop yield
losses from all types of natural causes and loss of revenue due to declines in the prices of agricultural products. Crop hail insurance
is a private insurance product designed to provide protection against losses to farmers’ crops due primarily to hail damage. Collectively,
crop insurance accounted for $36,421 (10.6%) of direct premiums written by the Company on a consolidated basis during 2024.

All Other

In addition to the products described above, Nodak
Insurance, American West, and Battle Creek write commercial and excess liability coverages. Collectively, these other coverages accounted
for $14,002 (4.1%) of the direct premiums written by the Company on a consolidated basis during 2024. This segment also includes an assumed
reinsurance book of business, with $820 of assumed premiums written on a consolidated basis during 2024. The majority of these assumed
premiums written are related to a domestic and international reinsurance pool for which the Company made the decision to non-renew its
participation as of January 1, 2022, and the associated assumed premiums represent run-off of this business.

7 

Crop Insurance

Crop insurance is purchased by agricultural producers,
including farmers, ranchers, and others to protect themselves against either the loss of their crops (yield) due to natural disasters
such as hail, freezing, plant disease, drought, and floods, or the loss of revenue due to declines in the prices of agricultural products.
The two general categories of crop insurance are referred to as “crop-yield insurance” and “crop-revenue insurance.”
Crop-yield insurance protects against a reduction in the yield per acre from the historical average yield in a specified area, such as
a county or National Oceanic and Atmospheric Administration weather grid, while crop-revenue insurance provides protection