Forestry Australia has found a plantation insurance provider for its members, which have been struggling to find cover after some insurers pulled out of the market.

Members can now apply for Plantation Protect, a product PSC Insurance Brokers has secured from Newpoint Reinsurance – an unauthorised foreign insurer.

“Forestry Australia has appointed PSC Insurance Brokers as our partner to assist members to secure plantation insurance,” the peak body said. “PSC has extensive experience in plantation insurance cover and has spent almost two years negotiating a new product, Plantation Protect, which can provide much-needed protection for growers around Australia.” 

PSC account manager Justin O’Keefe says the broking group has been working closely with Forestry Australia since the 2019-20 Black Summer bushfires.

“Plantation Protect has been designed to fill a gap in the market,” he told insuranceNEWS.com.au. “A lot of capacity has left Australia after 2019-20 and Forestry Australia is knowledgeable about what growers are looking for.

“So we’ve been working to develop a product that will meet the needs and requirements of its grower members at a competitive premium.”

He says the product had a soft launch six months ago and the reception has been positive.

“We had good success with clients taking up the offer. We can work directly with growers or on a referral basis with other brokers who are outside of the PSC network.

“The underwriters we have partnered with are heavily experienced in providing capacity to forestry placements around the world. Australia is a new territory for them and they are very experienced globally in this space.”

Forestry Australia said in 2022 it was working to increase access to insurance for growers after a decline in the number of providers and a surge in premiums.

See the product details here.