An agricultural risk expert is warning farmers to check their pedigree breeding animals are adequately insured with the Lochaber Agricultural Show fast approaching.
“Prize animals can be valued way above the usual limit of £10,000 for a single animal that most insurers include under farm combined policies,” explained James Cuthbertson of rural insurance broker Lycetts, “and if they or any of their progeny win titles at this year’s country shows, the value may rise further.
“It’s important you let your livestock insurer know about any new valuations to ensure you are fully covered in the event of injury or theft.”
Farmers should also check their policy for any limits for livestock in transit when animals are travelling to shows and sales.
Often, they may have calculated a value of £4,000 (based on two commercial animals), whereas at a show or sale they may have two prize animals valued at £10,000 each, requiring a sum insured of £20,000.
Farm policies should also be double checked to ensure they include public liability cover at country shows.
“If a bull or cow escapes and runs rampage at a show, destroying property or even injuring a child, there could obviously be huge ramifications and a watertight public liability policy will be vital. We are still seeing some farms with liability limits of £5m, when £10m would be considered the minimum recommended indemnity limit.
“Where there are specifically valuable animals, we would always recommend they are insured on a full mortality basis to provide wider protection than normal herd cover on a standard farm insurance policy.
“Farmers with pedigree animals should definitely talk to their insurer or broker to make sure they are covered, or discuss top-up options before setting out,” added Cuthbertson.
Lycetts offers comprehensive insurance and risk management services tailored to the agricultural sector, supporting farmers in meeting health, safety and environmental standards.
