How to Prevent Catastrophic Losses Due to Fire

Posted January 8, 2018 by Administrator in Agribusiness, Farm Safety, Risk Management | 0 comments

Fires happen on farms for a variety of reasons. Knowing the risk factors and implementing methods to reduce them go a long way toward improving safety. However, nothing short of a solid insurance policy will help recoup losses should a fire actually occur. This is the harsh lesson a Montana family is learning.

Destructive Blaze Razes Workshop

On the evening of December 5, 2017, a workshop on the Gordon Farm caught fire. By the time several fire departments responded to the blaze, the flames had overwhelmed the workshop. The structure held three generations worth of farming tools and equipment including a Ford 4000 tractor, a welder, and a grain drill. The family lost antique tools as well.

In total, the damage and losses amounted to $500,000. Making a bad situation worse, the family did not have insurance for the building or the tools. However, the family is counting their blessings. Many of the family members work in the shed well into the night. On this evening, no one was in the building and the family was able to account for everyone’s safety.

The Importance of Insurance

While the family is fundraising to help recoup some of their losses, a solid insurance policy would serve them better. The family indicated they could not afford the premiums, but it only takes one blaze to prove the value of insurance. If your farming operation is also struggling with budgeting for insurance, contact the experts at Cline Wood. We can help you find the coverage you need at the best prices.

This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.

Tags: , ,

Comments are closed.

Copyright © 2018 Cline Wood.