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Directors and Officers of a corporation are responsible for their actions, the actions of the corporation and in some instances the actions of other directors. The courts have assessed damages against directors of corporations for wrongful actions. While some people believe that a LTD. or INC. company creates a legal veil leaving limited liability behind. …

When you review your insurance program with your broker, you are essentially looking for value. We all measure that differently. With this in mind some ideas that may interest you are: You may consider increasing your deductible to the next highest option or even higher. The higher the deductible is, the lower the annual premium. …

Farm and Commercial policies cover the electrical, mechanical and other equipment used in most operations for losses caused by fire, theft, collision and other events. But most property policies specifically exclude losses arising from a very common problem, equipment breakdown, which includes electrical injury (surge), mechanical breakdown, pressure explosion, rupture and cracking. So, any business …

The only way ATV’s, Side by Sides, Snowmobiles or Dirt Bikes are insured is if they are specifically scheduled on a policy. All too often they get damaged or stolen and it is then that the owner finds out that it is not insured on the farm or business policy. If you choose to insure …

Do you operate both a farm and a business? Did you know that you need to discuss this with your insurance broker? All policies contain limitations and one very basic one is that a farm policy covers farm property and operations while a Commercial policy covers business property and operations. A farm policy will not …

Insurance companies take buildings that are vacant very seriously. The experiences with vacant buildings historically have not been good so the rules for these are quite stringent. Examples of a very concerning situation are properties such as a house, barn or office building. Machine sheds or grain bins are not a concern to insurance companies …

All business owners have Group Benefit Plans available to them. Yes, a Group Plan of “1” person is a Group Plan. When talking to clients about Group Benefit Plans, the conversation often goes to questions like; root canals, travel insurance and massage therapy. All are important points but not all employers want to spend much …

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 …

If have an insurance claim with any of your machinery you will likely need to rent a replacement while the damaged one is being repaired or replaced. This can be very costly for you unless your insurance policy covers the expense. The Machinery Loss of Use Coverage will pay the rental cost of the replacement …

Replacement Cost is very different than Market value. Insurance premiums and limits of coverage are not based on the current resale value of your building. They are based on the cost to rebuild similar size and quality without allowing for depreciation. Replacement cost includes new materials, today’s labor costs, debris removal, site accessibility, winter heating …