Future Challenges to Farm Insurance

Farmers & Mercantile to highlight the impact of new technologies and new legislation on future farm insurance requirements at Cereals 2017.

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.

Alex Wellings

Alex Wellings

This is the call from independent farm insurance brokerage, Farmers & Mercantile (F&M), as it uses the platform of Cereals 2017 to provide advice and guidance to help farmers negotiate an often neglected, but crucial element of the business plan.

“We are aware through our own research that up to 66 percent of farmers are neglecting to review their insurance policies,” explains Alexandra Wellings, 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.”

Farmers & Mercantile will be hosting a press briefing from their stand (814) at 10.30am on Wednesday 14 June to address some of the key issues affecting industry today, and giving an insight into the future challenges as farming evolves.

Aside from the general move in farming to embrace new methods of operating and embracing new technology, changes in legislation could 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.

F&M will be addressing these and other concerns, such as changing tax rates, to separate myth from fact and give farmers an indication of what they should be concentrating on, whilst also helping them to avoid over-insuring by failing to review policies.

“Our heritage as specialist farm insurance brokers provides F&M with the knowledge and expertise to deliver farming insurance services. We understand farming, in fact the vast majority of our team either come from a farming background or are still involved on the family farm, so we are committed to establishing the needs of the client and delivering,” continues Mrs Wellings.

“We also operate a very transparent service, dealing directly with the farmer and insurer. There are no insurance wholesalers, no introducers, our clients just deal directly with F&M insurance brokers, all of whom are 100 percent farm focused. Not only does this mean we can deliver the most appropriate service, but clients can be guaranteed they are only ever insuring with UK regulated, and reputable insurers.”

F&M’s team from across the UK will be on hand throughout the two-days at Cereals to discuss individual concerns and will be happy to provide advice and guidance.

As Mrs Wellings concludes, “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.”

Farmers & Mercantile

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