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The Latest News

20
May

Why is there the Co-Insurance Clause?

Part 2 of 2 Last time we were discussing “What Does Co-Insurance Mean”? We reviewed the calculation of co-insurance and how it applies to you at the time of a claim. A quick review of the formula used:            Amount of Insurance Carried x Loss = Payment             Amount of Insurance that               Should …

20
May

What Does Co-Insurance Mean?

Part 1 of 2 If you look closely at your insurance policy you will notice the phrase 80% or 90% Co-Insurance. Some believe that means they will get paid 80% or 90% of the claim. This is an incorrect assumption. Co-Insurance is a clause in certain property policies which provides for the application of a …

10
May

HANDLE YOUR GRAIN HARVEST WITH CARE

Millions of bushels of grains safely flow from field to storage and then to market each year. There is potential risk for farm workers or family members to suffocate beneath the surface of grain. The real tragedy is that many who have experienced this type of accident did not know the potential danger of handling …

21
Jan

Proactive Loss Prevention Proves Best Way to Control the Rising Cost of Liability Claims

There has been a dramatic rise in both the number of claims and settlement amounts for slip-and-fall incidents since the early 1990s. Did you know one major insurance companies’ loss experience due to slip and fall claims equals to almost half of their liability claims. This increase will continue to mean premium increases for all …

27
Oct

Is Your Garden Tractor Fully Covered?

All Farm Homeowner Policies have what is called “Special Limits of Insurance”. This listing describes the maximum amount of money that you can claim on your policy in regards to specific items that you own. What would happen if your garden tractor were to be destroyed by fire or was stolen? Do you have coverage …

15
Jul

Machinery Loss of Use Coverage

What if your combine is damaged by a rock or it burns this fall. Now you decide you need to rent a replacement in order to continue harvesting? Does your insurance policy pay for these extra rental costs? Your farm policy could pay for these costs but you need to make sure you have the …

17
Apr

Is your ATV covered?

Many of you out there believe your ATV is covered under the Blanket Farm Machinery Floater on your Farm Property Insurance Policy. It can be, but you have to actually tell your broker specifically about it. If you do not it is not covered. An ATV is licensable under the Off-Road Vehicle Act and because …

23
Jan

Your Insurance Coverage

Replacement Cost VS. Actual Cash Value Do you know the difference? Actual Cash Value: Also called market value, this term refers to the actual or current value of property just prior to the time of an insurance claim.  The value includes many different deductions i.e.: depreciation due to age, general condition, upgrades, location, obsolescence and …

20
Dec

Insurance Tips “101”

With today’s Insurance market being as “tough” as it is, “Extra Care” is advisable and in some cases required. There was a day when a client that had a “bad run” of claims, could always find another insurance company to take on the renewal or the existing company would just surcharge the policy. Today I …

20
Nov

Pollution Issues on the Farm

In a number of situations farms really do not have the necessary coverage for pollution exposures. Today’s volumes of pesticides and manure combined with ever increasing environment regulations and/or sensitivity to these issues mean that many farmers are not well protected in the event of a disaster. Insurance companies are becoming more aware of the …