Logging Equipment and Forestry Insurance Coverage
Tailored coverage for the changing forestry industry
Forestry is directly connected to the construction sector. As a wood-processing products manufacturer, your goal is to ensure that your company continues to grow and that it remains strong. Your success is dependent on smart planning and hard work, but more importantly on a sturdy risk management plan that allows you to successfully navigate today’s forestry industry.
To initiate a strong coverage strategy that works in your favour, it’s crucial to recognize from the get-go all the unforeseen threats that could potentially leave you blindsided. At BFL CANADA, our vantage point allows you to avoid those unpleasant surprises.
CAPTIVE INSURANCE THAT WORKS FOR YOU
Downturns during good economic cycles, losing profits to production modernization, losing a competitive edge; these are all issues we know you have to contend with as a forestry producer. That is where BFL CANADA comes in. We have developed a unique captive insurance model designed with a sawmill’s property assets in mind. Our captive insurance targets cost control and product stability, gives you some “skin in the game,” and offers numerous other benefits. Clients wishing to join the captive are subject to a rigorous assessment of their operational risks to become part of the purchasing group in which all are responsible, resulting in better control over potential claims. The proof? In nine years, BFL CANADA captive insurance reported no claims to the insurers.
EQUIFOR Insurance Program
BFL CANADA has been offering an insurance program for forestry equipment with a reputable insurer for several years. This program was set up by our team and allows you to obtain industry-specific coverage, all while benefiting from our broker’s expertise to make an informed choice.
See the blind sides of your risks from every angle
Let's build a custom insurance solution
At BFL CANADA, we have what it takes to custom design a sound risk management and insurance program to prevent losses, maximize your assets and deal with the demands currently facing Canada’s forestry products industry, including expanding global markets, plant closures and consolidations, depressed commodity pricing and fluctuating currencies.
Covers all your property and assets, such as your buildings, your machines or your entire stock of raw materials or semi-finished products. It can also safeguard your revenue stream in the event of work interruptions by covering the portion you would have received. We know how much time and money it takes to build a business in the forestry industry, and we also understand how suddenly a fire, for example, can destroy everything.
Compensates a third party for damage that may be physical or material.
Provides coverage for damages, such as fire, to your forestry and heavy equipment that is located in or near a forest. This coverage also protects your equipment, including harvesters, transporters, graders, excavators as well as the costs related to the rental of a replacement machine so your operations can continue with no hassle.
Guarantees protection on business risk review, insurance program interpretation and guidance, wrap-up liability programs, environmental impairment liability policies, builders risk insurance, annual contractor’s property, equipment and commercial general liability programs as well as professional errors and omissions insurance.
Workers’ compensation is a type of insurance that offers employee compensation for injuries or disabilities sustained as a result of their employment. This insurance protects employers from financial loss if a worker has a job-related injury or illness not covered by workers’ compensation.
Insures you against these risks, as well as the costs of potential decontamination, liability, operations and clean-up. There is growing public interest in how companies manage environmental issues. Those who adopt a cavalier attitude in this regard may be subject to negative publicity, lawsuits, boycotts and customer disaffection. Insures you against these risks, as well as the costs of potential decontamination, liability, operations and clean-up.
Protects you when your clients no longer have the ability to stand by their payment obligations. It offers protection against unexpected losses such as insolvency, bankruptcy, slow payment (non-payment) and political risk. Insuring your buyer portfolio is the most cost-effective way to protect yourself against non-payment.
Covers you for the basic defence costs and third party indemnity features and also for: employment practices liability, environmental liability defence costs, outside directorships, spouses’ defence or entity/corporation coverage.
Protects you and your company from threats to your digital communications, essential customer information datasets, etc. No industry or business today is immune from cyber risks. Your supply chain integration, e-commerce pipelines and, datasets and networks are all vulnerable to various types of cyber risk.
Cyber Risk insurance includes:
- Information Security and Privacy;
- Privacy Notification Costs;
- Regulatory Defence and Penalties;
- Website Content Liability.
Deals with and offers products such as: bid bonds, prequalification or commitment letters, performance bonds, labour and material payment bonds, maintenance and warranty bonds, etc.
Helps those who operate internationally or are considering doing so, to obtain the legal and other documents required in different jurisdictions. Some countries have long lead times for obtaining documentation, and international brokers can help you manage these timelines so you can meet your business deadlines.
Reimburses the costs associated with a kidnap for ransom, extortion, detention or hijack incident. It also covers specified costs associated with the total impact of an incident – even when there is no ransom paid – such as fees for negotiators, lawyers, security guards, consultants or medical costs.
Your team of local advisors
The BFL Canada advantage
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and attracted organizations with which we have established meaningful and mutually beneficial partnerships.
