Hay & Straw Stack Limits
County are urging farmers to be sure they are comfortable with the sums insured on their policy following reported harvest yields.
This summer’s harvest has seen near record-breaking temperatures and a lack of rainfall. With the Met Office recently forecasting higher than average temperatures for the next three months, it could be the longest agricultural drought the country has faced.
The weather has helped push prices of inputs to new highs and the supply of old and existing stock is low. Many farmers will now be stockpiling Hay/Straw for the forthcoming months.
Oliver Burns, commercial executive and marketing manager at County, said: “We recently highlighted the issue to a number of clients at shows we’ve attended and, following client feedback, felt this should be communicated to all.”
He added: “Sums insured aren’t just up for review at renewal; we’d actively encourage clients to call us throughout the year if they are in any doubt as to the adequacy of their sums insured; don’t wait until it’s too late”
Farm policies may have listed an item of ‘Hay & Straw’ or ‘Produce & Deadstock’ within the material damage section. County are recommending all of their clients check the adequacy of sums insured for both these items going into this autumn and winter season. If a sum insured is too low it will trigger a condition of average that may lead to under-insurance. This could mean a farmer faces receiving less than the value of the loss in the event of a claim.
Please contact your dedicated County Account Executive to discuss options to increase these items if you are in any doubt to their adequacy.