H&H Insurance Brokers encourages farmers to check livestock numbers as many are unaware they are underinsured for livestock values.
Farmers are being urged to ensure they have the correct livestock values insured to prevent issues and delays with future insurance claims.
Insurers are clamping down more in respect of livestock claims and will identify the potential for under insurance by how the livestock sum insured corresponds with the farm acreage and the value of the animals being claimed for.
Offering advice on the issue, Simon McKean, Claims Manager from H&H Insurance Brokers, one of the UK’s largest independent, rural insurance brokers, said: “If the sum insured is not adequate, then insurers will reduce the claim proportionately to reflect the percentage of the under insurance. So, I strongly encourage all livestock farmers to review their insurance details.
To ensure that you have the correct sum insured value, your insurance needs to reflect the time when there is the highest number of livestock on the farm. This is most likely to be in in the late summer or early autumn, after calving and lambing.
Also, if you take grass lets, it is your responsibility as the owner of the livestock for insuring the livestock, this livestock will need to be included in your overall count.
In the event of a claim farmers can be experiencing additional stress, and therefore to ensure the claim process goes smoothly and without delays, it is imperative that the values are up to date and accurate.”
“Insurers really are starting to look in depth at the details and will query them if they feel that the stocking level may not be correct for the type of farm. They are clamping down on under insured farms, so it is very important that farmers review the numbers that they are insured for within their policy. By not having this in-place, you leave yourself open to queries which will, of course, slow up the claims process”, concludes Simon.