Forestry is a very meaningful contributor to the provincial and Canadian economy representing over one-third of British Columbia’s exports. Additionally, it remains one of the primary employers in many parts of the country and since 2003 has successfully diversified and increased its trading territories on a global scale. Furthermore, forestry as an industry expands beyond what we might think of in a traditional sense of sawmills, logging, and pulp & paper, to include tree nurseries, wood products, renewable energy and more.
Standing timber insurance
One of the most unique aspects of insurance for the forestry industry is standing timber insurance. With the increase in catastrophic weather incidents, it is even more important to ensure that your huge investment in timber and land is protected. It is important to update on a regular basis:
- The values of your timber
- Mapped areas of forest assets
- Tree mortality
- Weather landslip coverage
- Debris removal strategy
- Re-establishment limits
- Re-planting plan
Additional insurance required for the forestry industry
With growth and innovation comes increased risk and more often than not increased pressure on available time to manage it. To that end, we typically help forestry clients structure insurance and risk management programs around:
- Remote high-value equipment and property
- Heavy truck fleets
- Global cargo shipments
- Environmental liability
- General liability
- Contractual liability
- Employee benefits
- Employee safety training
- Brand management
- Fire mitigation strategies
- Enterprise wide risk assessment and planning
Since our company started Reliance Insurance has helped a wide range of forestry clients manage risk and structure comprehensive and competitive insurance programs.
Protect Canadian forestry legacy
Through this experience, we have come to understand that forestry company executives have enough on their plates managing and responding to ever-changing foreign exchange and political trade risks. This is why we seek to offer additional value and support as your business partner by bringing more than just an insurance policy to the table. While insurance is critical in providing the backstop necessary to protecting your organization’s brand and profits it can fall short of protecting and sustaining a company’s legacy, people, and bottom line both before and after a loss.
Give us a call to learn more about how our unique insurance and proprietary risk management programs to fill the gap for your organization and go above and beyond what traditional insurance offerings.