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 …
One of the first things you need to do is secure the property. The insurance company will pay all reasonable costs to prevent further damage. For security reasons you need to notify authorities; for example, the Police or the Fire Department. You then need to report the loss to your insurance company by calling your …
One of the first things you need to do is secure the property that is damaged and take necessary steps to prevent any further damage. The insurance company will pay all reasonable costs of mitigation. For security reasons you need to notify authorities; for example, the Police or the Fire Department. You then need to …
Most of us think that we will never put in a claim on our insurance policy. It always happens to someone else, right? Well, when it does happen to us we are most always shocked. With that in mind, let’s say one day you do have building damage. You contact your insurance broker and take …
Today’s volumes of pesticides, fuel and manure combined with the ever-increasing environment regulations and sensitivity to these issues mean greater than ever risk on the farm. A hazardous materials cleanup crew, the long tail of environmental monitoring and environmental fines can be very expensive. Readily available is legal liability coverage for sudden and accidental losses …
Last month I wrote about Machinery Loss of Use Coverage. Two points came up from that topic. The first one, will this insurance pay when a piece of machinery is breaks down? The insurance will only pay if it is an “insured loss”, meaning it has to be a covered under the policy. Examples of …
What do you do when you have a claim with your tractor? What if your combine is damaged internally by a rock or it catches on fire. You cannot afford to be without this machinery so you rent a replacement. Does your insurance policy pay for these rental costs? Your farm policy could pay for …
Insurance affects everything and everything affects insurance. We can all agree that insurance allows those who own a car, a home or operate a business can do so without the fear that some adverse incident could leave them unable to function. However, few people are aware of the extraordinary impact the industry has on the …
There are 3 basic levels of insurance coverage provided in the industry for buildings. The first is your basic Fire Coverage Only Form. This is what the industry started with and today is used seldom. The second form of coverage is called Named Perils Form. It lists a number of occurrences or events that are …
If for example you hire a custom applicator and they cause damage to your property you will expect them to have insurance coverage. It is good to know the damage can be fixed without hurting the individual custom applicator financially. It is also peace of mind to know that there are financial resources backing him …