build cost for insurance

@Forever Fendt

Insurance co won't want to put a figure on it, in case it's not enough.
They tried at renewal but after converting 3 buildings into cottages and leaving the replacement costs for farm sheds the same I told them I was adequately covered.

Which insurance company?

NFU went halves with us on a full blown QS survey, they can give good figures based of floor plans
 

Agri Spec Solicitor

Member
Livestock Farmer
We discovered after a storm claim last year the farm was underinsured. The loss adjuster would not be persuaded so we had a local quantity surveyor do the sums. Cost about £400 and we helped with measuring. His advice was not what we wanted to hear.
it is just too easy to forget the new building or extension which can dramatically change things, let alone high inflation.
At least we have an accurate starting point for renewal time. The rpi increases are no substitute for a regular check. As we now know😥
 

Nigel Wellings

Member
Build costs vary hugely. We estimate they have gone up at least 30% in the last 2 years. We are spending a large amount of time helping our clients get these values correct at the moment. Re-build costs vary anything between £15/sq ft up to £100/sq/ft on farm buildings (multiply by 10.9 for square metre price). Many brokers and insurers will not advise on rebuild costs, they say it is up to the client to get them right. I disagree strongly with this approach, whilst not building surveyors we do a lot of work with the client to try and get these values right. If you don't in the event of a major claim you will be left a long way out of pocket.
 

Nigel Wellings

Member
On further thought I would estimate that something like 75% of farms are seriously under-insured on the values of farm buildings and farmhouses. It is a major problem at present that we are trying to address with our clients. Do not rely on the indexation that Insurers apply to policies- it is nowhere near sufficient.
 

SFI - What % were you taking out of production?

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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