New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Terex Employees: Navigating the Financial Implications of Fallen Tree Damage on Your Property

Healthcare Provider Update: Offers a Health and Welfare Benefits Plan with multiple medical options including PPOs and HSAs. Coverage includes medical, dental, vision, prescription drugs, and COBRA continuation. ACA-related planning is emphasized for early retirees, with guidance to evaluate ACA marketplace options due to projected 2026 premium hikes Click here to learn more

Are Terex employees responsible for the damage caused by a tree on their property that hits their neighbor’s home or other insured structure, such as a garage or shed?

In most cases, the answer is “no.”

When such damage occurs to your neighbor’s home due to forces outside your control (e.g., weather events), your neighbors may have to file a claim with their insurer to receive a reimbursement for the damage a fallen down tree caused.

There is one exception, however.

If it is determined that the tree damage stems from your negligence (e.g., dead limbs that you refused to cut down, or you chose to trim your tree as a weekend project), then the neighbor’s insurer may come after you to recover their loss—a process called subrogation.¹

You may want to check your policy or speak to your insurance agent to ascertain if your homeowner's policy covers your liability in cases of negligence.

When Neighbors Sue

Featured Video

Articles you may find interesting:

Some neighbors may seek to bring legal action against you, though often that is unnecessary.

For those working at Terex, determine what municipal laws are in place to cover such instances. Generally speaking, you are not responsible unless you knew, or should have known, about the danger. Proving what you knew or should have known can be difficult and costly in a court of law. It typically benefits both parties to arrive at a compromise that avoids an expensive legal process.

The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

What is the purpose of Terex's 401(k) Savings Plan?

The purpose of Terex's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can Terex employees enroll in the 401(k) Savings Plan?

Terex employees can enroll in the 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What types of contributions can Terex employees make to the 401(k) Savings Plan?

Terex employees can make pre-tax contributions, Roth (after-tax) contributions, and may also be eligible for employer matching contributions.

Is there a company match for contributions to Terex's 401(k) Savings Plan?

Yes, Terex offers a company match for employee contributions to the 401(k) Savings Plan, subject to certain limits and conditions.

What is the vesting schedule for Terex's 401(k) employer match?

The vesting schedule for Terex's 401(k) employer match typically follows a graded vesting schedule, where employees earn rights to the employer contributions over a specified period.

At what age can Terex employees start withdrawing from their 401(k) Savings Plan?

Terex employees can generally start withdrawing from their 401(k) Savings Plan at age 59½, although there are specific conditions and penalties for early withdrawals.

Can Terex employees take loans against their 401(k) Savings Plan?

Yes, Terex allows employees to take loans against their 401(k) Savings Plan, subject to the plan's terms and conditions.

How often can Terex employees change their contribution percentage to the 401(k) Savings Plan?

Terex employees can typically change their contribution percentage to the 401(k) Savings Plan at any time, subject to the plan's rules.

What investment options are available in Terex's 401(k) Savings Plan?

Terex's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How can Terex employees access their 401(k) account information?

Terex employees can access their 401(k) account information through the company’s online portal or by contacting the plan administrator for assistance.