Hello Summer! Here’s a handy maintenance chart to help you keep your house in tip-top shape so you can fully enjoy the months ahead!
As we enjoy our yards this summer, there’s likely one thing we won’t think much about—the many pipes and wires buried underneath. Unfortunately, many homeowners learn too late that they are responsible for these underground service lines running from the street to their home. An additional whammy comes when they learn their insurance policy does not automatically cover damages to service lines.
Here’s where Forward Mutual’s service line coverage helps.
Service line coverage is a type of insurance that protects homeowners from unexpected losses caused by damage to the pipes or wiring coming into their homes.
What does service line cover?
Service line coverage provides protection against a leak, break, tear, rupture, collapse or arcing of a covered service line caused by:
- Artificially generated electrical current
- Mechanical breakdown, latent defect or inherent vice
- Root invasion
- Wear and tear, marring, deterioration, hidden decay rust or other corrosion
- Weight of equipment, animals or people
Check here more information on how Forward Mutual offers service line protection. Call your agent or Forward Mutual today for this added protection!
In the pre-computer era for both Ixonia Mutual Insurance Company and Watertown Mutual Insurance Company, the company treasurers presented a general report at regular board meetings. This was a basic report covering the credit and debits from the mutual’s checking account. The treasurer then reported a complete financial picture to the directors at a year end meeting.
This tradition changed on August 24, 1983, when Ixonia Mutual’s directors received their first monthly income and expense statement. This report gave a current financial picture of the mutual. It accounted for all changes such as unearned premium, unpaid loss reserves, investment changes. This monthly report was generated by hand and obviously was quite time consuming.
That same year when the directors met with their auditor for his year end report, he suggested they consider a computer. At their April 1984 meeting, the directors approved purchasing a Digital Rainbow computer, printer and software for the cost of $7,720. With this new computer, Ixonia Mutual’s staff was able to computerize the company’s accounting data with a program called AMI 1 (Automatic Mutual Insurance), which automated the mutuals financial records. Policy declarations however still had to be hand typed.
By the next year, Ixonia Mutual began using a separate software that prepared the policy declarations while still separately entering financial data into its accounting software. At this time the company converted all its policies to 1-year continued renewable policies and it discontinued fire-only policies.
In 1987 Ixonia Mutual upgraded its AMI 1 to AMI 2, which included policy and claims processing. This was a huge work savings, as it eliminated the need to add financial data in a separate action.
With the ability to process policies and manage accounting from a single program, Watertown Mutual decided to join the computerized world of insurance. They purchased their first computer in 1988.
Now today, Forward Mutual continues with an innovative mindset in its technological management. The company regularly upgrades its technology and is currently converting to its seventh policy and and accounting software system. Its policy processing and accounting systems are now web-based applications and it stores its data on the cloud.
“I foresee that possibly by year end we will no longer have a server even located in our office,” says President and CEO Lois Wiedenhoeft. “Technology has created enhancements in managing data that we never dreamed of in the 1980’s.”
Forward Mutual does all of this with the goal of protecting its insureds. From providing online payment opportunities to policyholders to contracting Gordon Flesch to manage its cyber security, Forward works to provide the highest quality of insurance to southern Wisconsin’s home and farm owners.
It’s that time of year and we’re finalizing plans for this weekend’s annual meeting for our policyholders. We enjoy this gathering and the opportunity to share news of our mutual. Forward Mutual is, after all, the policyholders’ mutual!
In this year’s annual report, we shared three graphs. Let’s take a sneak peak and see how Forward is working for its insureds.
Combined Ratio is a measure of profitability used to indicate how well an insurance company is performing in its daily operations. A ratio below 100% indicates the company is making an underwriting profit while a ratio above 100% means it is paying out more money in claims than it is receiving from premiums.
Paid Property Losses
Paid Property Losses is the amount paid to policyholders to cover their claim of damage or loss.
Premium Written to Surplus Ratio
The premium written to surplus ratio measures financial strength and the ability to absorb above-average losses. The ratio is computed by dividing premium written by surplus. An insurance company’s surplus is the amount by which assets exceed liabilities. The lower the ratio, the greater the company’s financial strength. Forward Mutual is sound, secure and strong for the member policyholders we serve.
Forward Mutual is proud to announce its surplus increased 3.6 percent and its premium written to surplus ratio of .23 to 1 is the strongest recorded.
Looking to see more of Forward Mutual’s year? Check out our annual report here and then consider how we can be of service to you.
Winter comes with its own set of home-related responsibilities that are necessary both for safety and liability.
If you own property, it’s your responsibility to ensure its driveways and sidewalks are safe for people to walk on. Failing to do so enables risk of people falling and hurting themselves and you being held liable. This is true whether you’re city folk and the sidewalk in front of your home is considered public right of way, or you’re country dwellers and the only one coming to your door is a deliveryman.
Reminders for keeping things clear
- Keep your sidewalks clear of snow, whether you’re a tenant or homeowner. Communities commonly have specific requirements, check your municipal’s website.
- Keep your downspouts and roof free of ice. Icicles often melt, causing puddles to form near your door, which then refreezes into icy patches.
- Keep furnace vent, hot water vent and meters clear of snow. Blocked vents can be deadly.
- Keep your local fire hydrant clear of snow.
- Keep salt or sand on hand for ice that’s difficult to remove.
We in the insurance industry commonly deal with unexpected losses. However, nothing prepares us for the sudden death of a dear loved one.
The Forward Mutual family is greatly saddened to share that our director Donald Reese passed away unexpectedly on Monday, December 10. Don has been a board member since 2001 and served as our secretary/treasurer. He was a beloved member of our Forward family and a personal friend to us all.
We will greatly miss Don’s friendly smile, wonderful laugh and strong leadership. Yet we also rejoice knowing he now celebrates an eternal life in heaven with his Savior Jesus Christ.
A visitation for Don will be held Thursday, December 13, from 4-8 p.m. at Hafemeister Funeral Home in Watertown.
Visitation will also be Friday, December 14, at St. Peter’s Lutheran Church in Helenville from 9 a.m. until the time of his funeral service at noon.
View Don’s obituary and funeral information here.