Proper Insurance Coverage

Originally Published in the August 1990 issue of The Outfitter Magazine.

It seems that most of our members have their insurance come up for renewal during the summer months. Since you will probably be reviewing your coverage with your insurance broker shortly, we’d like to take this opportunity to point out the importance of putting sufficient insurance protection on your buildings.

Last winter one of our members lost their main lodge as a result of fire. The building was insured for $132,400. However, after the loss, independent contractors estimated that the actual replacement cost of the building was over $220,000. As a result, our member received $90,000 less than he could have received in order to replace the building. You would probably never think of not insuring a $90,000 building. But under-insuring a building amounts to the same thing. Don’t underestimate the replacement cost of your property! 

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