How good is your insurance policy?

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If a catastrophe were to strike your dairy, would your current property insurance policy cover your risk? To help make sure you have the coverage you need, follow these recommendations by insurance professionals:

Work with a reputable insurance company. One with agricultural experience is a plus.

Work with a knowledgeable, respected insurance agent.

Review your coverages every year, or at least every two years.

Understand what type of coverage you have and what type of coverage your need. Make sure the two mesh.

Evaluate your coverage from a claim point of view.

Keep an accurate record of everything you own. Consider a video record and store it off-site.

Work with your accountant to create and maintain accurate depreciation and keep inventory schedules.

Honestly assess the value of everything your own — not only the initial cost, but replacement cost, too. Don’t forget to count the small stuff.

Have an emergency plan.

And if you are not sure about any of these details, ask for input and advice from trusted professionals. “Be sure to discuss ‘what-if’ scenarios,” recommends Patrick Sturz, certified public accountant and principal with Larson Allen.

“It doesn’t cost anything to ask,” says Bill Jensen with Farm Bureau’s Rural Mutual Insurance Company.

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Suzanne Buell    
Eastford, CT  |  February, 28, 2012 at 04:50 PM

How about those of us who cannot get insurance in any form on our property, equipment or house? We were dropped by our insurer of many years when we had a claim for a tractor fire in 2006 and have been unable to get insurance since. Excuses we gotten are You had a claim, buildings too old, and the latest You have no insurance. OUr freestall barn was built in 1969 and it did not fall down last winter when barns were going down all over the state.


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