Brokers join forces on multi-peril crop cover
MGA Insurance Brokers, Country Wide Insurance Brokers and Adroit Insurance Group have joined forces to bring new forms of crop cover to farmers.
The syndicate will access multi-peril crop insurance products, which provide significantly greater cover than the fire and hail cover widely used in the farming sector.
“In the past, [multi-peril crop insurance] has faced slow uptake in Australia, with one possible reason being that premiums are not significantly subsidised by the Government, a situation which is common overseas,” MGA MD Paul George said.
“The combined regional distribution of Adroit, Country Wide and MGA in the major primary production areas of Victoria, WA and SA is significant.
“This broad geographical spread will give us the backing and weight required to approach insurers to source better products for our respective customers.”
Multi-peril crop insurance provides farmers with more flexibility than the standard single policy. For example, a farmer can choose to insure 70% of average yield value.
“Multi-peril insurance allows farmers to protect themselves against a broader range of risks that may be more relevant to them,” Country Wide MD Paul Wilkes said.
“This kind of cover could help farmers ride through the natural disasters and downturns associated with farming in Australia and reduce the need for government assistance in the event of major events such as droughts or floods.”
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