Are You Underinsured for the Rising Cost of Rapeseed?
The recent rise in the cost of rapeseed may mean that you are underinsured on your current arable farm insurance policy. Farm and General explores the situation, and how this affects insurance for farms across the UK.
The Rising Cost of Rapeseed
Farmers Weekly recently reported that rapeseed prices have almost doubled in the past year, “driven by limited availability of old crop and high oil prices”. With the conflict in Ukraine still ongoing, global supply issues persist and prices are likely to remain high. As Ukraine and Russia account for a large part of the world’s sunflower oil production, markets are looking to rapeseed oil as a substitute, increasing demand for the crop.
What Does This Mean for Your Farm Insurance?
With the rising cost of rapeseed, you may be underinsured for the true value of your outputs, which is likely now much higher. Therefore, we recommend reviewing your policy to ensure you have the right level of cover for your crops in order to receive an accurate pay-out, should you need to make a claim.
Rapeseed, or any crop you grow, will be at risk to damage from storms or fires, vandalism from intruders on your farm, and other environmental factors, so it’s important to ensure your assets are protected through a comprehensive farm insurance policy.
What is Covered by our Farm Insurance Policies?
Farm and General offers arable farm insurance to provide peace of mind that your crops are protected and allow you to focus on day-to-day operations. Farming business insurance is available as part of this policy, as well as cover for agricultural buildings, machinery and more. Explore our range of farm insurance policies, designed to meet the needs of farmers today, to find the right cover for your needs.
Contact Farm and General now
We have specialist knowledge of insurance for farms and smallholdings that we would be happy to share with you. Simply request a quote or contact our friendly team to discuss our farm insurance policies and understand what is covered.
