Greg Ridout, Rural Partner and Auctioneer at Symonds & Sampson stresses the need for regular insurance revaluations of Agricultural Live and Dead stock.
The last 5 years has seen a dramatic rise in the value of Agricultural machinery. Whilst this rise in values has been very positive for those of us involved in the used machinery trade, the majority of Insurance Valuations have not been reviewed leaving many farmers under insured. In the same way that your home and buildings require frequent revaluation to keep pace with rebuild costs, machinery valuations should also be reviewed regularly.
The issue of under-insurance will usually only arise when a claim is made for the lost of damaged asset. A loss adjuster may decide to write-off an individual item, and often the insurance company will only pay out the insured value rather than the replacement cost. The resulting shortfall means that the farmer has to stomach the shortfall when purchasing a replacement.
In short, insurers must have up to date valuations – it is as simple as that. With a year on year rise in rural crime – particularly theft of machinery and livestock – this is even more important. Symonds & Sampson offer a full valuation service for property, buildings, livestock, deadstock and everything in between, and our Agents can help you to ensure that your assets are properly protected.