This fall has been a mix of extreme weather. In the Red River Valley, we went from talking about drought to the potential for a fall flood in six weeks. We have experienced a substantial snow storm, a power outage that effected many homes and businesses, and in between we have had some mild temperatures mixed with some of the coldest November days my body can remember.
This freezing and thawing pattern, mixed with high water levels subsiding, has caused unstable ice, swampy ground, and has created the potential for damage to equipment that may not be insured by a standard insurance policy.
Did you know that insurance policies, especially commercial insurance policies have historically excluded any coverage for damage to equipment caused by falling through ice, muskeg, swamp or other soft ground? Businesses that consistently operate equipment in these conditions have additional risks that others will not, and while the standard policy wording excludes coverage for this, it is an option that many companies will allow their clients to purchase as an endorsement to the standard policy wording.
One change we have recently seen is many farm insurers updating their wordings to improve coverage, but applying the ice & muskeg exclusion. Whether you are relying on a farm or commercial insurance policy to cover damage to your equipment, make sure you speak with your insurance broker to confirm that this coverage is included in your policy.
Is there someone in your life who operates equipment on ice? Forget diamonds, a fancy scarf, or elaborate chocolate; a well managed insurance policy may be just the right thing for them under the tree this year. Consider making Rempel Insurance Brokers your insurance broker of choice. We work hard to make sure our clients have the resources to make good decisions on risk.
We love to give back to the communities we serve, and are doing so again this year. You can find all of the details for our Season of Giving draw on our website at rempelinsurance.com. On behalf of the team at Rempel Insurance Brokers, we wish you a Merry Christmas and hope you get to make great memories with people you love this season.
David Schmidt is an Account Executive at Rempel Insurance Brokers in Morris, MB, specializing in insuring farms and businesses across Manitoba and Saskatchewan.
Office (204) 746-2320 Text (204) 712-6618 Email davids@rempelinsurance.com Web www.rempelinsurance.com