Farm Insurance
Farm insurance gives protection coverage to farming and agriculture activities from losses.
It is also known as agricultural insurance. It provides financial protection to farms and livestock against damage, loss, or disruption to the farm due to unwanted circumstances.
Farm insurance typically includes coverage for the farm property, such as buildings, machinery, equipment, livestock, and crops. It may also provide liability coverage, which protects the farmer against claims or lawsuits resulting from injuries or damages caused to others on the farm premises.
Furthermore, farm insurance may offer additional coverage options such as farm income protection that compensates for income loss due to crop failure, livestock diseases, or market fluctuations. It may also include coverage for farm vehicles, farm liability, farm workers’ compensation, and other specific risks related to agricultural operations.
Farm owners who cultivate crops on a massive scale and wish to prevent losses can take farm insurance. This insurance covers various farming activities such as livestock, cropping, dairy, contractual work, harvesting and horticulture.
Lifecycle Fire and General can suggest farmers the right insurance policies under the farmer’s budgets.
We offer insurance policies for all types of farmers, whether they own a small farmhouse, run a commercial farm or an established country station for mass production. We aim to give farming insurance to every farmer and let him never suffer financial loss due to unexpected events.
New Zealand’s livestock farming industry, valued at over $20 billion, suffers an approximate annual loss of $120 million due to theft and rustling incidents.
According to statistics, there are about 50,000 farms in New Zealand covering 13.6 m hectares of land.
In 2021, New Zealand exported cut flowers, seeds, bulbs and live plants worth $153m FOB (2020: $189m).
Farm insurance policies typically offer coverage for the following
- Property Coverage: This includes protection for farm buildings, such as barns, silos, and storage facilities, as well as farm equipment, machinery, and livestock.
- Crop Coverage: It provides crop insurance against perils like weather-related damage, fire, theft, and disease. It can help farmers to recover losses and maintain financial stability during changing seasons.
- Liability Coverage: Liability insurance covers third-party bodily injury or property damage claims that may arise from farming activities. It helps protect farmers from potential lawsuits and other legal expenses.
- Livestock Coverage: This insurance protects livestock from illness, accident, and theft. It can provide compensation for the value of lost or damaged animals.
- Business Interruption Coverage: Farming operations can be vulnerable to disruptions due to natural disasters or equipment breakdowns. Business interruption coverage helps farmers to compensate for their income loss during such periods.
The insurance policy depends on the coverage type a farmer has opted for. There are exclusions in farm insurance as follow
- Any damage caused intentionally or as a result of fraudulent activities.
- Damages resulting from war, acts of terrorism, or similar events
- Damages or losses caused by nuclear accidents or radiation
- Injuries or accidents involving farm employees.
- Contamination of soil, water, or air due to pollution, chemical spills, or other environmental hazards
- Crop diseases, pests, or infestations that are deemed preventable or controllable through standard farming practices
- Regular wear and tear, depreciation, or damage caused by lack of maintenance
Lifecycle Fire and General is familiar with the challenges involved in the farming business. Hence we offer a wide range of insurance policies for farmers that cater to their needs.
- We offer flexible insurance plans, which you can choose or modify according to your requirements.
- Insurers can choose a protection plan for complete boundary fencing, set a fixed amount, or decide a boundary limit for insurance coverage.
- Complete coverage for farm machinery, plant equipment and vehicles in case of damage or theft.
- Complete coverage for livestock from major accidents like fire, theft, loss during transit and illness.
- We offer coverage for personal injury and product liability linked with farm operations.
Live stress-free by choosing a farm insurance coverage by taking from Lifecycle Fire and General that protect your farming liabilities and expenses.