Farm Contractor & Large Scale Farmer
    Twitter LinkedIn
    • FREE Email Newsletters
    • About Us
    • Advertise
    • Contact Us
    • Magazine Subscriptions
    Twitter LinkedIn
    Podcast
    Farm Contractor & Large Scale Farmer
    • News
      • Arable & Agronomy
      • Dealership News
      • Environmental Land Management Scheme/Policy
      • Event News
      • Health & Safety
      • Machinery
      • People
      • World News
    • Farm Machinery
      • Amenity & Maintenance
      • Cultivations
      • Drilling
      • Grassland Equipment
      • Harvesting
      • Muck & Slurry
      • Sprayers
      • Telehandlers
      • Tractors
      • Tractor of the Year
      • Tyres & Tracks
    • Precision Farming
    • Markets & Policy
    • Profiles
      • Company Profiles
      • Reader Profiles
    • Livestock
      • Beef
      • Dairy
      • Sheep
    • Magazines
      1. September 2023
      2. August 2023
      3. Drills & Seeds Supplement
      4. July 2023
      5. July 2023
      6. June 2023
      7. May 2023
      Featured

      September 2023 Issue

      By Matthew TiltSeptember 4, 2023
      Recent

      Operating Costs 2023-24 Supplement

      September 4, 2023

      September 2023 Issue

      September 4, 2023

      Drills & Seeds August 2023 Supplement

      July 25, 2023
    • Events
    • Podcast
    Farm Contractor & Large Scale Farmer
    People

    ‘Potentially devastating’ implications of underinsuring buildings

    Matthew TiltBy Matthew TiltMarch 29, 20232 Mins Read
    Facebook Twitter LinkedIn Email
    H & H Insurance Brokers. Chris Clement, Commercial Director: 4 August 2021 Copyright Stuart Walker Photography

    Farmers across the UK are being warned about the financial consequences of not insuring their properties for the correct amount, as rebuild costs continue to rise.

    The price of materials is increasing due to disruptions in the supply chain and the pressures of inflation, and a growing number of people are now unaware that rebuild costs may significantly exceed what buildings are insured for.

    In 2022, Aviva, in its Risk Insights Report, estimated that half of the UK’s small to medium-sized enterprises are underinsured, with 40% of buildings underinsured by 20%.

    Chris Clement, commercial director for H&H Insurance Brokers, said: “Many businesses have existing insurance policies in place for their buildings which they believe covers them for a full pay-out if anything does go wrong.

    “But with the way the prices of building materials have risen, the actual cost of rebuilding after any sort of damage may have doubled or even trebled in some instances, so what they are finding is that the value of the building has risen and the sum the insurer is paying out doesn’t cover the full amount of the rebuild.

    “This is hitting a lot of businesses across the UK hard in their pocket and can be potentially devastating to businesses but, by raising awareness of the problem, we hope to make this dilemma a very rare one for people across the country.

    “Seeing your building destroyed by a fire or partially damaged by strong winds is traumatic enough and learning that you will only get a certain percentage of the rebuild costs through the insurance pay-out is a stress you can really do without.

    “Making sure you are correctly covered is paramount and it’s why your broker must ensure every detail of the policy is accounted for to avoid this disappointment.”

    The most common reason for underinsurance was cited as a failure to conduct regular valuations.

    Mr Clement said: “When renewing policies, I think it is essential for your broker to visit the property and analyse the items which they’re looking to cover so they can get a more realistic and accurate picture of the level of cover required.

    “During Covid when site visits weren’t allowed, many fell into the habit of carrying out reviews over the phone but I recommend that this type of review is kept to a minimum.”

    For more information go to www.hhinsurancebrokers.co.uk

    Tweet
    Share
    Share
    Pin
    Share. Facebook Twitter LinkedIn Email
    Previous ArticleChampion tops Simmental sale
    Next Article Monaflex launches new solution for tyre repairs
    Matthew Tilt
    • Twitter
    • LinkedIn

    Machinery editor for Farm Contractor & Large Scale Farmer. Matt has worked as an agricultural machinery journalist for five years, following time spent in his family’s Worcestershire contracting business. When he’s not driving or writing about the latest farm equipment, he can be found in his local cinema, or with his headphones in, reading a good book.

    Read Similar Stories

    BASIS mark 1000th NRoSO member

    September 14, 2023

    Farmers thank the public on Back British Farming Day

    September 13, 2023

    Free support available for English farming families

    September 4, 2023
    Most Read Stories

    Applications open for Sustainable Farming Incentive

    September 18, 2023

    SFI updates are welcomed, but more work is needed

    September 18, 2023

    Net zero potatos to be trialled by Branston

    September 15, 2023
    Farm Contractor & Large Scale Farmer

    The UK's leading agricultural machinery journal

    Twitter LinkedIn
    © 2023 Lewis Business Media. All Rights Reserved.
    Lewis Business Media, Suite A, Arun House, Office Village, River Way, Uckfield, TN22 1SL

    Privacy Policy | Cookie Policy | Terms & Conditions

    • AA Farmer
    • Poultry News
    • Pig World
    • OvertheCounter

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “ACCEPT ALL”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsREJECT ALLAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
    cookielawinfo-checkbox-analytics1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category .
    cookielawinfo-checkbox-functional1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category .
    cookielawinfo-checkbox-others1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Others".
    cookielawinfo-checkbox-performance1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Performance".
    PHPSESSIDsessionThis cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    CookieDurationDescription
    _ga2 yearsThe _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
    _gat_gtag_UA_31822138_191 minuteSet by Google to distinguish users.
    _gid1 dayInstalled by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    CookieDurationDescription
    OAID1 yearThis cookie is set when an AdsWizz website visitor have opted out the collection of information by AdsWizz service or opted to disable the targeted ads by AdsWizz.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT
    Powered by CookieYes Logo