Friday, December 15, 2017

Review insurance cover before busy harvest period

July 4, 2017 by  
Filed under News & Business

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Farm businesses are being urged to review their insurance requirements in the run-up to harvest.

Insurance is often the last thing on farmers’ minds during the busy harvest period. But a review of insurance cover now can pay dividends later – especially when it includes protection for stored grain and straw as well as machinery.

A changing farming environment, the adoption of new technology, the increasing use of drones and changes to personal injury law mean it is essential that agricultural insurance policies are up-to-date and include adequate cover, say brokers Farmers & Mercantile.

“We are aware through our own research that up to 66% of farmers are neglecting to review their insurance policies,” explains Alexandra Wellings, F&M managing director. “When you consider the changing face of farming, this is a real concern.”

Implications

Changes in legislation could have substantial insurance implications. These include the revision of Ogden tables, resulting in significant changes to personal injury law – meaning that lump sum awards could rise exponentially.

Equally, says Ms Wellings, a good insurance review will indicate which cover is no longer needed – helping farmers to avoid over-insuring their businesses. Too many farmers simply renew their policies, rather than reviewing them first.

“Farmers do not stand still in their day-to-day activities – and it is equally crucial the same applies with their insurance policies, or they could see themselves taking a huge step backwards, potentially even a critical one.”

Tailored

Good policies are specially tailored to the farm in question. NFU Mutual’s comprehensive Farm Select package, for example, includes business interruption cover as well as cover for livestock or growing crops and animal diseases.

NFU Mutual also has a specialist team dealing with insurance for grain storage and associated businesses – delivering expert advise and guidance. Specialist cover offered includes the settlement of crop losses to meet contractual obligations.

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