Protecting Your Livestock and Progeny
Posted on: 7th May 2021
The purpose of insurance is to cover financially for the unexpected, however, in the case of livestock, farmers are often not insured for the full value of the animals at risk. For both cattle and sheep farmers, spring is a significant time of year, as lambing is in often in full swing and spring calving has commenced.
Livestock is a highly valuable asset on a farm, and current prices for sheep and cattle are reaching values well in excess of most people’s expectations. So, it is important to make sure you have the correct insurance in place, as this will ensure that you are fully covered in case something should go wrong.
H&H Insurance Brokers, who operate across the north of England, Wales and Scotland, recognise that there are many kinds of misfortunes that can hit a farming enterprise at any time, but at this time of year with numbers increasing it is vitally important to ensure you’re your insurance is updated to include Progeny.
After lambing and calving, the insurance needs to be updated to include the actual increase of livestock. For example after calving 100 head of cows, you now have 200, and what about your 250 lambing ewes? Your cover needs to be at least doubled. Numbers can vary considerably year-on-year and this should always be taken into account when re-insuring.
“In addition to the normal business interruption insurance, which would cover the loss of income for a period of 12-36 months; loss of livestock on a large scale can result in serious financial implications. It is worthwhile reviewing cover the cover in place for livestock which can extend to include theft cover, disease cover, and worrying cover, over and above the basic perils,” said Paul Graham Managing Director for H&H Insurance Brokers.
It is also important to insure pedigree livestock separately, both entire flocks and herds, or individual animals. This specialist insurance will safeguard you, and provide you with cover for breeding warranty, and risks such as in- transit accidents, mortality and loss of use.
Paul goes on to say: “As specialist farm insurers, we are here to offer advice on what poses a risk, and whilst it is possible to take some simple steps to safeguard livestock, it is worth reviewing your insurance to ensure you have the right cover to suit your farming enterprises’ individual needs.