Livestock insurance
Maintaining livestock is crucial for rural households because their economic and social well-being depends on it. Having enough livestock supports rural people in many aspects, such as food supply, income generation, saving money, giving employment, improving soil fertility and enabling sustainable agriculture production.
Livestock insurance is a type of insurance coverage designed to protect farmers and ranchers against financial losses resulting from death, theft, or accidental injury of their livestock. It offers compensation for the animals’ loss and reduces the financial burden of the owner.
Rural farmers earn by running livestock and agricultural activities. They need protection coverage for their livestock from risk. Hence rural farmers can consider livestock insurance.
Lifecycle Fire and General is familiar with farmers’ concerns and has flexible coverage plans for livestock loss. We offer a wide range of livestock insurance plans that cover all damage, death, injury, illness, or disease of your farm animals or herds. We can customise our livestock insurance plan for private and commercial farm owners.
The number of dairy cattle on farms in New Zealand has increased overall since 2011 to reach 5.91 million cows in 2021
In 2020, there were 36.9 million livestock in New Zealand, including sheep, dairy cattle, beef cattle and deer. Compared to 2019, the total number of livestock has fallen by 2.2%, equivalent to 838,000 animals.
New Zealand annually exports approximately NZ$3.8 billion (US$2.6 billion) of lamb and NZ$540 million (US$370 million) of wool. It shows sheep farming is a profitable business in New Zealand.
Livestock insurance policies can vary in coverage and terms, but they generally include the following aspects
- Mortality coverage: It provides compensation against insured animal death due to covered perils, such as accidents, sickness, disease, or natural disasters. It covers all livestock like cattle, horses, sheep, pigs, and poultry.
- Theft coverage: It offers protection against theft, providing reimbursement if animals get stolen.
- Accidental injury coverage: It is for expenses and potential loss of income due to reduced productivity.
- Animal transit coverage: It offers protection against the transportation of animals involving risks like accidents or death.
- We offer coverage for specific risks relevant to the livestock industry, such as fire, lightning, flood, or adverse weather conditions.
Farmers can consider livestock insurance, a crucial risk management tool, providing financial protection against unforeseen events that could result in significant losses. It helps them safeguard their investment in livestock and maintain the viability of their agricultural operations.
The livestock insurance does not cover
- Pre-existing health conditions or injuries to livestock that existed before obtaining the insurance.
- Certain natural disasters like earthquakes or floods unless additional coverages are specified in the policy.
- Losses resulting from intentional acts, negligence, or improper care by the owner.
- Losses related to business interruption, lost revenue, or other indirect economic losses due to livestock loss.
- Activities like rodeos, racing events, or extreme sports involving livestock, where the risk of injury or loss is significantly higher.
- Consequential losses are indirect losses resulting from the death, injury, or loss of livestock. For Example: lost breeding opportunities or lost genetic material.
- Damage due to war, invasion, civil war, commotion, unrest, rebellion, revolution, etc
- Animal death within 15 days of insurance commencement.
There are many reasons to choose us
- We are best at rural insurance claims.
- We offer flexible coverage plans for your livestock tailored according to the need and changing scenarios of commercial operations.
- We offer extended coverage plans when your livestock needs are more.
Lifecycle Fire and General offer complete protection to your valuable livestock assets by offering various coverage plans according to the client’s recommendations.