You could have a collision with your tractor or your combine could catch on fire. Does your insurance policy pay for repairing the machinery without deducting any depreciation on the parts? If you are the first owner of this unit and it is less than 5 years old, are you covered for the full cost of replacing it with a brand new model?
Check your policy to make sure you have the coverage on your policy.
If you have the Machinery Dual Valuation Coverage endorsement on your policy, it will pay for the repairs without deducting a percentage for depreciation because of its age and if the claim is a complete loss and the piece of machinery is less than 5 years old, your policy may pay for the newest model available.
Some insurance companies have been slow to provide this enhanced coverage while another has stopped offering it all together.
This is all part of relying on your broker to advise you of these important changes.
Be sure to seek advice and purchase insurance from those who understand your business!