66 percent of farmers failing to review insurance policies
Only a third of farmers are reviewing their insurance policies when renewals are due, according to research carried out by Farmers & Mercantile (F&M) during this year's LAMMA Show.
When allied to the fact that of those surveyed, almost a quarter confirmed they had recently changed their farming business, it exposes a concern that the original purpose of the policy no longer suits the business needs.
Not only could crucial aspects of the farm or diversified business be under-insured and therefore not covered if disaster occurs, farmers could effectively be throwing away money by insuring for activities no longer undertaken, or machinery no longer in use.
Alexandra Wellings, F&M’s managing director, said: “Our advisers will always review insurance requirements to ascertain the accuracy of sums insured on houses, farm buildings and other insurable items.
“We also encourage regular reviews of policies and site visits, enabling us to determine the cover requirements and ultimately deliver suitable insurance arrangements.”
With experience and expertise across the whole board, from large scale farm operations, to smallholdings, F&M has a nationwide coverage specialising in the delivery of a first-class, independent service for arable, livestock and estate insurance.
F&M also has privileged access to specialist products for renewable, rural and diversification projects, and its smallholder division aims to offer the best advice and service available in the market.
Mrs Wellings continues: “The key to our successful approach is the combination of our practical farming knowledge, alongside the insurance expertise of our farm underwriters. Our advisers have extensive farming insurance experience, with the majority also coming from a farming background.
“We feel our team, and our personal approach, is our biggest asset. To make sure we stay ahead of the game we provide on-going training to our entire staff, calling in every department within the business to undertake regular professional development.”
F&M delivers dedicated, relevant and personalised insurance services by professionals who truly understand the farming industry. The F&M message is simple and clear, as Alexandra Wellings concludes, “Don’t throw your money away by failing to take the time to review your farming insurance.”