Insurance concerns for farmers

FARMERS are facing substantial losses due to a failure to correctly allow for increases in the value of their property when insuring their business, it was claimed at the national ploughing championships in Annaharvey, Tullamore, Co Offaly.

FBD Director of Marketing and Sales Adrian Taheny said there is a growing trend of under-insurance in the farming industry and indicated that the costs to the industry were potentially massive.

“The substantial increase in farm construction in recent years, based on increased standards and the demands of regulation, has increased the value of many farm buildings.