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Ask Mr. Mutual
(Note:
The Minnesota Association of Farm Mutual Insurance Companies
continues to revise its Standard Policy. Mr. Mutual's answers
are based on the TPA (02) edition of the MA-FMIC Standard.
Individual policies may vary slightly and you should check
any loss with your company and with the policy contract you
may have)
Dear
Mr. Mutual:
I'm concerned about the possibility of fire on some of my
farm machinery. What size and type of fire extinguisher is
normally recommended for things like tractors and combines
or other implements where the risk of fire is fairly high?
Mr.
Mutual says:
A high risk machine such as a self-propelled combine should
have no less than two 10 pound extinguishers, one inside the
cab and one mounted on the exterior of the machine. The same
for large tractors and self-propelled forage harvesters. on
equipment powered by a tractor, something less would be adequate
as the tractor extinguishers would be available.
Dear
Mr. Mutual:
I noticed my farm policy premium increased again due to the
fact that my wind company increased its premiums. Is there
any way I can reduce the cost of my insurance?
Mr.
Mutual says:
Several things can reduce premiums. First, look at your deductible.
If you can afford a larger deductible, $500, $1,000 and even
$2,500 is available. This can reduce your property insurance
premiums up to 30 percent from a $250 deductible. Elimination
of obsolete buildings is also another way to reduce premiums.
Dear
Mr. Mutual:
I have a collection of Hummels that is valued at $3,800. Do
I have automatic coverage for these on my farm package policy
or do I need to specifically insure them? Would I need separate
insurance for these figures?
Mr.
Mutual says:
You have automatic coverage of $2,000 for the perils included
on your policy on collectibles such as your Hummels. If you
wish to increase that coverage, you can do so. You may wish
to insured your collection under scheduled Inland Marine coverage
where you would have coverage for breakage available at an
additional premium.
Dear
Mr. Mutual:
During a heavy rainstorm last summer, I had water in my basement.
The water was seeping in through tiny cracks in the basement
wall. Evidently the ground was so saturated that the water
found its way through the basement walls due to all the water
pressure. My policy shows that I have water or sewer backup
coverage up to $1,000. Wouldn't this coverage pay for the
damage done to my carpet or stud walls?
Mr.
Mutual says:
A couple of years ago when Mr. Mutual had a loss similar to
yours, the Water or Sewer Backup coverage did not pay the
loss. The Water or Sewer Backup coverage pays for exactly
what it infers. . .loss caused by the backup of water or sewage
through the sewer system. It provides no coverage for loss
from water seeping through the walls.
Dear
Mr. Mutual:
My son recently backed our combine into our machine shed.
My insurance company said the damage to the combine was covered
but not to the shed. What gives?
Mr.
Mutual says:
The loss to your combine was paid under the peril of collision
and/or overturn. However, this peril does not apply to the
machine shed. Special form coverage would have provided the
necessary coverage to pay for the damage to the machine shed.
Mr. Mutual assumes that you chose to not included this coverage
on your shed or the building may not have qualified for this
coverage.
Taken
from "The Mutual Monitor" Winter 2003 Edition
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Martinson
Insurance
518 Hawthorne Street • PO Box 8
Alexandria, MN 56308
Phone: 320-763-6518
Toll Free: 800-757-6518
Fax: 320-763-5546
E-mail: agency@martinsoninsurance.com
Web: www.martinsoninsurance.com |
