A changing farming environment, the adoption of new technology, the increasing use of drones and changes to personal injury law means that now, more than ever, it is essential a farm insurance policy reflects the different business landscape for the agricultural sector.
This was the call from independent farm insurance brokerage, Farmers and Mercantile (F&M), at Cereals 2017 as they provided advice and guidance to help farmers negotiate an often neglected, but crucuil element of the business plan.
“We are aware through our own research that up to 66% of farmers are neglecting to reviewtheir insurance policies,” explained , F&M’s managing director.
“When you consider the changing face of farming, the emergence of precision farming, the implementation of guidance systems and drone technology and the general move to diversification at any level, then this is a real concern.”
Aside from the general move in farming to embrace new methods of operation and embracing new technology, changes in legislation could also have substantial insurance implications. Not least of these has been the revision of the Ogden tables, resulting in significant changes to personal injury law meaning lump sum awards could rise exponentially.
“Our heritage as specialist farm insurance brokers provides F&M with the knowledge and expertise to deliver farming insurance services. The vast majority of our team either come from a farming background or are still involved in he family farm, so we are committed to establishing the needs of the client and delivering,” said Mrs Wellings.
“We also operate a very transparent service, dealing directly with the farmer and the insurer, There are no insurance wholesalers, no introducers, our clients just deal directly with F&M insurance brokers, all of whom are 100%farm focused. Not only does this mean we can deliver the most appropriate service, but clients can be guaranteed they are only every insuring with UK regulated, reputable insurers.
“Farmers do not stand still in their day to day activities, but 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,” said Mrs Wellings.