Farm Package Insurance

What is a Farm Package Policy?

A Farm Pack provides a broad range of insurance protection for farmers. It consists of fifteen main sections (depending on the insurer)  to help protect your Farming business. The package may be tailored to suit your needs and budget.

 The basics of a Farm Package Insurance policy cover are:

  • Home Property– covers the Buildings and Contents of the Domestic/Residential part of the farm
  • Farm Property– covers the “Business” assets of the farm such as Sheds, Stables, Barns and Fencing against risks such as Fire, Storm, Accidental Damage, Business Interruption and other perils
  • Public and Products Liability - covers bodily injury or property damage you cause to a third party
  • Private & Farm Motor Vehicles - some packages include this to cover accidents and theft
  • Personal Accident and Sickness– compensation if you are unable to work the farm due to injury or long term illness.
  • Land Transit - Fire, flood, collision and overturning of your goods moving around Australia
  • Pleasure Craft– whether a tinny on your own Dam or a boat on the local river, it can be included
  • Machinery Breakdown– repairs to mechanical equipment following sudden damage
  • Computer/Electronic Equipment Breakdown- repairs to electronic equipment following sudden breakdown.
  • Theft - covers theft and burglary including damage caused by a trespasser on the farm
  • Working Dogs- Death, theft or putting down following veterinarian’s advice
  • Frozen Embryos/Semen– Accidental damage to frozen embryos/semen stored at the situation
  • Tax Audit - Covers unexpected additional professional fees if the ATO suddenly audit your business
  • General Property - Accidental damage for farm property insured whilst in Australia

Insurers commitment to Regional Australia

It is true that many insurers are no longer willing to offer these types of policies any more to regional Australia, but there still are many others that will including QBE, CGU, Allianz and Argis. They recognise that the economy of agricultural based communities is linked with the fortunes of the seasons. They have to take a long term view in the way in which they conduct business because they too in some years will do better than others.

Things to remember in Farm Package Insurance Policies

Watch out and discuss with your Broker some of the following issues:

  • Average clause” which may only pay a proportion of your claim if under-insured
  • Full Reinstatement/Replacement conditions – sometimes called “New for Old” rather than Market value
  • Stock is different to Contents though some packages combine it. Make sure you apportion correctly
  • Never under-estimate the value of Business Interruption cover. It can be the difference between survival for your business or oblivion when you cannot generate income from your lost assets
  • Get a regular valuation of your Buildings insured for its rebuilding costs and factor in escalation for future costs including if a widespread catastrophe where labour and supplies can be in short supply

Read more on Under Insurance here

Who can help?

An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one.

Call CPR –Experts who will save you 

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Robert Cooper - Elite Broker again

We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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