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WFI on stud stock insurance

Stud animals are valuable assets, yet many farmers forget to insure their most expensive livestock investments.

It can be a costly and heartbreaking mistake. Here WFI offer nine tips to take the worry out of stud stock insurance.

DON’T ASSUME YOU’RE COVERED

If you buy an animal at a stud sale, don’t assume it is already covered by either your insurance or the vendor’s. Take out your own ‘livestock mortality insurance’.

SINGLE ANIMAL COVERAGE

When you take out insurance on a stud animal it is covered no matter where it is — including when it is in transit, on a third-party property or when it’s standing out in your paddock. The important thing is to take the coverage out as soon as you buy the beast.

COVER IN TRANSIT

Accidents happen, especially when animals are on the move. Legs get trapped in truck crates and break; truck decks can collapse; animals can get injured if the vehicle brakes suddenly.

When you buy an animal at a stud sale, don’t forget to insure the animal before it starts the journey home.

COVER BEFORE TRANSIT


If you’ve bought an animal and you’re not transporting it immediately (for example, you’re waiting for your transporter), make sure it is covered by insurance while it is on that third-party property.

THE PADDOCK ISN’T ALWAYS SAFE

Once you get the stud animal home, there’s a temptation to think it is safe. But snake bites, fighting, broken legs, broken penises, dog attacks, jumping over fences, even illness and infertility are all very real risks that insurance can cover.

DON’T PLAY THE AVERAGES

While many farmers are willing to take the risk and play the averages, companies providing stud stock insurance actually report a high number of claims being made against the policies. Animal husbandry can be unpredictable. Insurance gives you peace of mind.

COVER VALUABLE BEASTS

While stud bulls and rams are the mostly commonly insured animals because of their higher value, any individual animal can be insured. High-value cows, especially those in calf, can also be covered, for instance — as can working dogs.

RELATIONSHIPS BREAK DOWN

If you have a good relationship with your stud breeder, you might be tempted to not insure your new stud animal. If, for example, you discover it is infertile you might prefer to ask the breeder to replace the animal. But relationships can break down. Insurance provides a safety net.

LOSS OF USE

The key term here is ‘loss of use’. If anything happens to your stud animal that makes it unusable for breeding purposes, you want to make sure you’re being compensated for that loss. When you talk to your insurer about stud policies. Animal husbandry can be unpredictable. Insurance gives you peace of mind.

COVER VALUABLE BEASTS

While stud bulls and rams are the mostly commonly insured animals because of their higher value, any individual animal can be insured. High-value cows, especially those in calf, can also be covered, for instance — as can working dogs.

RELATIONSHIPS BREAK DOWN

If you have a good relationship with your stud breeder, you might be tempted to not insure your new stud animal. If, for example, you discover it is infertile you might prefer to ask the breeder to replace the animal. But relationships can break down. Insurance provides a safety net.

LOSS OF USE

The key term here is ‘loss of use’. If anything happens to your stud animal that makes it unusable for breeding purposes, you want to make sure you’re being compensated for that loss. When you talk to your insurer about stud stock insurance, make sure you understand exactly what qualifies as ‘loss of use’.

This information has been provided as a guide only. WFI (ABN 24 000 036 279 AFSL 241461) makes no warranties about the accuracy or completeness of this information. WFI, including its directors, affiliates, officers, employees, agents and contractors, do not accept any liability for any loss, damage or other injury resulting from its use. This information doesn’t take into account your objectives, financial situation and needs. You should consider these matters and the relevant Product Disclosure Statement (PDS) before you act on any advice. You can get a copy of our PDSs from our website at www.wfi.com.au or by calling 1300 934 934. If you purchase any WFI product we will charge you a premium, plus any taxes and charges, based on your risk profile and circumstances.

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