Broadacre growers are reminded that the time is right to insure your winter cereal crops.  Commodity prices are increasing and most regions are off to a great start with full moisture profiles. 

Each year, insurers look at the total claims they have paid in the previous season - some regions that have had significant losses may find their premium rates going up.  However AgriRisk will always check with alternative  insurers as there are always differences in premium rates – sometimes up to 30% - 40%, and that’s one of the key benefits of using a broker like AgriRisk.

For most farmers, cereal crop insurance is one that is seen as a “have to do”.  But AgriRisk cautions that structuring cereal crop insurance the same way, year in year out, could be a mistake and encourages growers to contact them to discuss particular requirements.

“It might appear that the insurances available all look the same, but there are important differences that can impact on your claim settlement in the event of a loss,” Toowoomba Branch Manager, Matt Devine said.

“We always like to provide a range of quotes from different insurers, but also advise farmers to consider the benefits of a Post Harvest declaration policy.  This can eliminate under and over insurance that continues to impact on claims and premium.

“There are also advantages of taking a higher excess with a reducing-excess option.  This will usually generate a lower premium, and pay more in the event of severe yield losses where the excess can reduce down to zero,” Matt said.