The Rural Voice, 2006-01, Page 25building and should be included in
the calculation of the buiilding's
value, says Winslade. Other
equilSment like stable cleaners,
milking equipment, coolers, silos and
silo unloaders are not considered part
of the building and need to be
specifically insured.
Check out the rebuilding clause,
Winslade suggests. Most policies
contain a clause that says the
building must be rebuilt within 100
meters of the building being replaced
or there may be less than a full
settlement. If zoning or minimum
distance rules make rebuilding within
that area impractical, some
companies will agree, at the time of
contract, to ease the restriction.
Winslade advises discussing the
impact of this clause with your
insurance agent or broker.
overage for Loss of produce
includes inputs like
commercial feeds, fertilizers
and pesticides as well as various
harvested crops, including things like
milk and eggs. Named perils that
apply to produce only include:
earthquake, collapse of building,
bridges or culverts, flood, theft.
collision, and derailment or overturn
of vehicles on which insured
produce is being shipped.
An important consideration will
be whether to insure for actual cash
value or for replacement cost. If
insured at actual value, any claim
will be settled at the depreciated
value of the property. If insured at
replacement cost, any settlement will
be based on the cost to repair the
item to its original value of replace it
with new if it can't be repaired. Your
premiums will be higher for
replacement -value coverage.
Mobile farm equipment such as
tractors and combines is generally
covered at actual cash value, says
OMAFRA's Winslade. For newer
equipment, you may want coverage
at replacement cost.
Cruickshank and Wigood suggest
you may want to look at coverage
that reimburses you for the price of
renting equipment if you lose use of
the machinery due to a claimable
event. You might also want coverage
for breakdowns of onboard
computers, they suggest.
Similarly, you can purchase
business interruption insurance to
PLACING PEOPLE FIRST
Licenced Agent for
Culross Mutual Ins.
DIANNE ROSS LANE
Office 519-335-3886
Fax 519-335-4409
RESIDENTIAL — FARM
j
Good People
Good Advice
Good service
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JANUARY 2006 21