With nearly 50,000 farm across Ontario (the most out of all Canadian provinces), Ontario’s farms produce a wide variety of food and products. The province makes up a third of all Canadian dairy farming and produces more than half of Canada’s soybean crop. The industry also has sizable corn, vegetable, livestock and poultry production throughout the province.
Every farm operation has unique needs, which means unique insurance is needed. To help Ontario farmers meet these needs, BrokerLink developed the Farm Advantage program. Beyond liability, home or dwelling, and business interruption coverage for farmers, the program has enhanced-coverage options. These enhancements provide further coverage for specific farm-related needs. We go through two enhanced-coverage options which can help farmers.
Understanding two enhanced-coverage options
1. Farm equipment and currency exchange
The agriculture industry can be impacted by large fluctuations between the Canadian dollar and foreign currencies. In most cases, farmers will need to adjust their operations or prices to maintain their profit margins for selling their products internationally.
Farm equipment value, and especially replacement part costs, can also be subject to fluctuations in currency. Replacement tractor tires, parts, or other farm equipment which need to be purchased when the Canadian dollar is at a low exchange rate can be expensive. With Farm Advantage, a BrokerLink broker will be able to find farmers protection from currency fluctuations. This protection will account for fluctuations in currency exchange rates when it effects farm equipment appreciation.
2. Utility or hydro poles
In Ontario, farmers might have hydro poles on their property. Depending on where power lines are located and whether it is a primary or secondary line, the hydro pole might be the responsibility of the property owner. Most insurance coverage doesn’t account for hydro lines on an owner’s property.
However, through BrokerLink’s Farm Advantage program in Ontario, there are enhanced coverage options to make sure damage to hydro poles is covered for farm owners. This can be critical to maintaining operations for farmers and help avoid unforeseen costs.
Taking advantage of the Farm Advantage
With all the unique needs of Ontario farmers, it makes sense that insurance coverage should be as unique. BrokerLink started its Farm Advantage program to provide the coverage Ontario farmers need.
Contact your BrokerLink broker to find out how Farm Advantage can help protect your farm.