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Types of livestock insurance
Despite its focused subject, livestock insurance can be varied and diverse, and can be extended to include:
- Loss of use following an accident or accident and illness: cover for permanent and total impotency or infertility or permanent incapability of natural service, as a result of an accident or illness
- Unborn foal: cover for mares specified in the policy schedule can be extended to include loss of an unborn foal following re-absorption of foetus, or being cast, aborted, stillborn dead or failing to live for a specified number of days listed in the schedule
- Inoculation: cover for loss of any animal described in the policy schedule following inoculation
It is also wise to:
- Check insurance cover for public liability and the cost of an animal being involved in a collision
- Ensure all animals are tagged so they can’t be blamed for the escape of another animal
Policy cover can be tailored to meet the specific requirements of stud and livestock needs, designed to suit personal, business and financial circumstances.
Livestock insurance premium payment
Some companies make it easy for you to pay for insurance using a day-to-day payment facility. It is recommended that you choose the kind of protection you can afford, the excess level you prefer and the appropriate method of payment, considering the available pay monthly option so you don't pay for insurance you don't want or need.
One company urges farmers to ensure that they have public liability insurance for animals that escape in the hunt for food on the roadside. It has been shown that collisions between cars and livestock cost around $2000 to $4000 on average - or more if the crash involves a larger animal. If broken or inadequate fences are to blame it could be the owner that has to foot the bill, and if the collision causes permanent disability or death to a person, the cost to the uninsured farmer could reach into the millions. To avoid the cost of an animal collision farmers should:
- Ensure their fencing is secure and in good repair.
- Always ensure gates are closed.
- Check their insurance covers them for public liability and the cost of an animal being involved in a collision.
- Ensure all animals are tagged so they can't be blamed for the escape of another animal.
Livestock insurance is almost certainly a requirement, given the potential cost if the unexpected occurs, however check with your broker to ensure that you have the right plan to suit your type of livestock and policy needs. Finding an experienced specialist insurance provider in this niche area will almost certainly give you greater peace of mind.
