Do You Know Your Stack Limits?
Farm and General discuss the importance of being well-informed when it comes to getting insurance for your haystacks in order to protect against significant shortfalls in the event of loss.
Following harvest, farm stacks tend to be at their largest, so confirming that your insurance stipulations are met is imperative to safeguard yourself if a claim is required. If the specified limits for your haystacks are breached in any way, from stack height to stack proximity, or if your stack is undervalued or underinsured, farmers could face significant losses. The value of hay and straw can vary continually due to the ongoing unpredictability of weather conditions placing high importance on monitoring your stock to avoid forking out considerable sums if the need appears to replace feed.
When stacking your bales, it’s worth checking the specified height and distance between them, depending on shape and density, to ensure the construction remains stable. For more information on how to stack bales, take a look at DEFRA’s website for specific instructions, or contact one of Farm and General’s farm insurance specialists for assistance.
When you invest a significant amount of money and time into your stacks, a thorough risk assessment is a worthwhile venture to ensure your cover is sufficient. One of the biggest hazards to haystacks is fire. Moisture can create heat within the stacks leading to the potential for spontaneous combustion and likewise, hot summers can increase risks. Low hanging, uncovered bulbs, ignition sparks from nearby equipment, lightning strikes and arson all pose dangers, but they can be managed.
The Cost of Underinsurance
The cost of hay and straw can be highly volatile, worsened by the uncertainties seen in the global and local economic climate. To mitigate worries as much as possible, there are a few key dates to consider re-evaluating your agricultural insurance; at policy renewal, after harvest when the volumes are at their highest, and finally in the event that trading has a large impact on the value of the materials.
Get in Touch
Farm and General are happy to discuss your requirements and ensure your cover is suitable. Get in touch with our friendly, expert team today.