AFIA - Australian Fodder Industry Association
Farm insurance has long been considered problematic by most major insurance companies in Australia. It is rarely a profitable class of insurance and the remoteness of many of the properties has resulted in many insurers failing to establish strong working relationships with such a large client base. Following a series of large hay fires and workcover recoveries, a number of insurers completely withdrew from the market in 2010, choosing to focus on far more lucrative lines of business such as private motor, home & contents & business insurance.
Earlier this year, AFIA approached our insurance brokerage to establish a workable insurance solution for AFIA members. After a lengthy consultation process in which GGIB and AFIA presented many insurers with the benefits of using the Fodder Care system, GGIB was able to establish an underwriting panel for AFIA members. It was necessary to establish a panel of underwriters as the underwriting criteria varies considerably between each insurer. This will be extremely helpful where an AFIA member has a diverse range of farming activities (eg. fodder, livestock, transport, etc). Each underwriter will have a different underwriting approach to each activity which will result in varying insurance premiums.
The AFIA insurance program is exclusive to AFIA members and, depending on the underwriter chosen, the program contains significant upgrades in cover:
- up to 15-20% discounts for members with Fodder Care accreditation;
- members are able to store up to $350,000 in hay at any one site;
- spontaneous combustion is included as a defined peril; and
- cover can be provided for unspecified outbuildings up to $100,000 at no extra charge.
Our operating model is very different to working with a direct insurer. Our brokerage can offer all lines of general insurance ranging from private motor to more complex classes such as industrial special risks. We are not affiliated with any one insurer and act at all times for the client. We have our own dedicated claims department which always acts to ensure that our clients are indemnified fully in accordance with the policy provisions. If you would like a no obligation free quote on your insurance program, contact John Griffiths or Nathan Goodall on (03) 5821 7777.
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