There are a number of examples that come to mind from the past year that we can learn from. One day when discussing limits of coverage with an insurance company representative he told me that it is common for the limit of coverage to be too low. One example is a barn fire, the cost …
There are 2 main types of coverage available; they are Replacement Cost and Actual Cash Value. Replacement cost coverage is the preferred kind of coverage. This covers the amount it would cost to replace damaged or lost property with a similar one at today’s current costs including the cost of debris removal. If you have …
Below is a check list for the next time you review your insurance program. Deductible: Consider increasing your insurance deductibles to the next highest option or higher. The higher the deductible, the lower the premium. Tidiness: Always keep your property in good condition, from grass to roof. Insurance companies inspect your buildings considering strongly maintenance …
There has been a dramatic rise in both the number of claims and settlement amounts for slip-and-fall incidents over the last 20 years. 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 in claims will affect all business owners …
Insurance companies take vacancy of buildings very seriously. The experience historically has not been good so the rules for this situation are quite stringent. We are referring to properties such a house or hog barns. We are not talking about machine sheds and grain bins as they are often empty on a seasonal basis and …
The insurance brokerage industry works very hard to keep up with inflationary increases of rebuilding costs on buildings. We do this but without good communication we cannot know if you have made changes to your buildings. For example; upgrades, additions, etc. Some policies automatically increase by a specific percentage each year but you cannot rely …
Most farms today employ casual or full time employees. These employees often become part of the farm family and the farm owner becomes very concerned about their financial well being should they sustain an injury or illness. Some farmers I talk to say they would help out their employee for a short time, but wonder …
There are a number of different properties on your farm that may not have even thought to insure. The Threshed Grain Floater is an important consideration when you consider the higher values in the market place this year. All farm policies need to be reviewed. When placing coverage on your grain, you need to insure …
Time to start thinking about protecting your investment in the field! We have had a great start to the season. Crop values are looking exceptional this year. Many farmers are predicting a record year! Is your current hail insurance coverage sufficient…Can you afford to lose any part of this year’s crop? There are many reasons …
Time to start thinking about protecting your investment in the field! We have had a great start to the season. Crop values are looking exceptional this year. Many farmers are predicting a record year! Is your current hail insurance coverage sufficient…Can you afford to lose any part of this year’s crop? The two greatest risks …