Peace Hills Insurance expands general farm policies
Peace Hills Insurance expands general farm policies | Insurance Business Canada
Insurance News
Peace Hills Insurance expands general farm policies
As farming changes, so too do policies
Insurance News
By
Desmond Devoy
This article was produced in partnership with Peace Hills Insurance.
Desmond Devoy, of Insurance Business Canada, sat down with Robert Selby, farm manager, and Chad Shurnaik, VP of underwriting and marketing, at Peace Hills Insurance, to discover more about the changing needs of farm insureds, and how the company has adapted to meet those requirements.
Spring always means change on the farm – and the same is true for Peace Hills General Insurance’s farm policies.
From spring 1995 when it wrote its first farm policy, up until exactly one year ago, farm policies at Peace Hills fell under the regional branch based on the location of the farm. Now, farm underwriting is a standalone department and with exciting changes in place since June 1.
“Peace Hills has made significant investments in the farm insurance business line,” according to Robert Selby (pictured), the company’s farm manager. “We are excited to grow alongside our brokers, who have been requesting updates to our coverages and wordings that align with modern farming practices. Our dedicated farm underwriters continue to provide exceptional service, and they look forward to being able to offer our dedicated broker partners something innovative and new.”
So, what are some of the changes? Along with the “Farm Business Plus” basic or broad coverage, or comprehensive plus, Peace Hills has a new “minimum livestock clause”, where farmers can reduce their livestock rate by 50% by opting for an alternative deductible option.
Additionally, several new coverages will be introduced, including corals and fencing, farm machinery equipment, prairie and forest fire fighting expenses, stored seed, and more. Also in effect will be increased limits to existing coverages, such as automatic coverage for newly acquired property, farm water systems, pollution clean-up, private power and light poles, and more.
Listening to brokers
These changes to Peace Hills’ Farm Business Plus policy were implemented in direct response to feedback from brokers who sought more options and a specialized experience in writing farm insurance so that they can help their clients effectively. “Peace Hills analysed its impact on the farm insurance industry and took steps to support our brokers in this business line,” explained Chad Shurnaik, VP of underwriting and marketing.
“Our first step was hiring the right farm underwriting manager who possesses hands-on farm experience and additional background as a broker specializing in farm insurance. I am excited to see Rob finally bring his vision to life; his determination and expertise have truly made him a perfect fit for this role.”
But how did the company arrive at determining what the new parts of the policy would be, and which would be expanded?
The new covered items and expanded coverages was a result of a combination of sources, including Selby’s own experience as a farm insurance broker. “This experience gives me a unique and strong understanding of what brokers need for their large farm clients,” Selby remarked.
As soon as he began at Peace Hills, “we engaged in extensive conversations with our broker partners to identify their biggest needs and what they felt would provide the optimal protection for their insureds.” The result is an updated and enhanced Farm Business Plus coverage that will have an immediate and positive impact for their farm clients.
“These changes present an excellent opportunity for brokers to engage in meaningful conversations with their farm clients, enabling farmers to fully explain their operations,” said Shurnaik. Selby further emphasized, “Farming operations rarely rely on a single revenue stream these days. Showing brokers how the farm utilizes risk management solutions such as where machinery is stored, housing for livestock, and independent operations on-site is crucial.”
Farming life is changing
The farm business line at Peace Hills caters to both the traditional family farm and large corporate farms, which is reflective of the company’s mission of being a unique insurance company that truly cares. “The landscape of farming has evolved, and we want to demonstrate that we are adaptable to the needs of farms as they change,” expressed Selby. “While ‘mom and pop’ farms still exist, many younger generations are incorporating and treating farming as a true business operation.”
Peace Hills is ensuring that it continues to provide for the needs of smaller operations, while keeping pace with them as they grow and evolve. Simultaneously, it has the knowledge, experience, and capacity to handle large producers as well.
Peace Hills Insurance is proudly owned by the Samson Cree Nation.
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