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One of the basic insurance principals on farms is that you must insure for the total value of an item (such as crops or fattening livestock) on the farm.
Several farmers quite rightly comment that they will never have all of the items destroyed at one time so why bother insuring for the full value. The insurers’ argument has always been that they set the premium by applying a rate to the full value in the knowledge that it is most unlikely there will ever be a loss for the total value of the item.
Because arable and livestock farms are larger today and often comprise of a number of sets of buildings at different locations we now have one insurer that has agreed to provide insurance on the basis of maximum at risk at any one location.
In practical terms this means that an arable farmer with 3 different farms with grain stores, only needs to insure based on the maximum value of grain in store in the largest of the 3 grain stores. This can achieve useful savings in the premiums paid and is not offered by another broker.
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Other Articles: Protecting Contract Farmers from loss of the Single Farm Payment, Is your fertiliser insured to the correct value?, Why put your eggs (farm insurances) in one basket?, Insurance for farmers - are you protected?, Should large items of machinery automatically incur large insurance premiums?
Farm Insurance: Arable, Farm Diversification, Livestock, Mixed Farm