Insurance cost

[REStracTORATION]

Not sure this is the correct section

Business Insurance cost
Customers vehicles covered
Fire theft
Road test
Tools
Stock
Public liability

Any company that you use that I should know about

Had a few quotes, I thought with Xmas partys not going ahead the premiums would be cheaper but I'm wrong again

Thought I'd have a shop around

Thanks

 

[Farmer-George]

Only ever used NFU and farmers and mercantile. Cheap isn’t always best. Check your level of cover thoroughly too.

 

[Clive]

Not sure this is the correct section

Business Insurance cost
Customers vehicles covered
Fire theft
Road test
Tools
Stock
Public liability

Any company that you use that I should know about

Had a few quotes, I thought with Xmas partys not going ahead the premiums would be cheaper but I'm wrong again

Thought I'd have a shop around

Thanks

try @Nigel Wellings from Acres

Great service and better prices than F&M (who were a lot better than NFU).


i’ve had a couple of claims and they have been no quibble and efficient

i would get 3 quotes

 

[Sid]

try @Nigel Wellings from Acres

Great service and better prices than F&M (who were a lot better than NFU).


i’ve had a couple of claims and they have been no quibble and efficient

i would get 3 quotes

Who also happen to be linked with TFF as an advertiser.

Always get 3 quotes, NFUM were cheaper than another mutual by a country mile, and very slightly more expensive than a broker.

Unless you get quotes with any input suppliers get lazy and less hungry for business,

 

[R J]

Definitely try Farmers and Mercantile

 

[ewald]

We use NIG Farmweb via a local broker - might be worth a quote

 

[neilo]

We use NIG Farmweb via a local broker - might be worth a quote

Same here, but broker compares them with another couple of companies every year, which is what the broker’s job is.

 

[Clive]

Who also happen to be linked with TFF as an advertiser.

Always get 3 quotes, NFUM were cheaper than another mutual by a country mile, and very slightly more expensive than a broker.

Unless you get quotes with any input suppliers get lazy and less hungry for business,

Acres are indeed a TFF advertiser - I get no additional discounts from them however because of that and speak as i find re claim payment - if they were rubbish I would say so - my integrity is not for sale !

As i suggested get 3 quotes - i would go Acres, F&M and NFU

 

[NLF]

try @Nigel Wellings from Acres

Great service and better prices than F&M (who were a lot better than NFU).


i’ve had a couple of claims and they have been no quibble and efficient

i would get 3 quotes

I wouldn’t touch Acres with a barge pole. Acres has negative shareholders equity. Nigel Wellings and his backer should capitalise their business properly with some of the money they made selling Farmers and Mercantile. Acres may only be a broker but they still handle client money and besides if your broker goes bust you’ll find it much harder to make a claim.

 

[Sid]

I wouldn’t touch Acres with a barge pole. Acres has negative shareholders equity. Nigel Wellings and his backer should capitalise their business property with some of the money they made selling Farmers and Mercantile. Acres may only be a broker but they still handle client money and besides if your broker goes bust you’ll find it much harder to make a claim.

So if you use a broker and they go bust, who actually owns the insurance policy?

 

[REStracTORATION]

I wouldn’t touch Acres with a barge pole. Acres has negative shareholders equity. Nigel Wellings and his backer should capitalise their business property with some of the money they made selling Farmers and Mercantile. Acres may only be a broker but they still handle client money and besides if your broker goes bust you’ll find it much harder to make a claim.

Interesting info

Nfu is local ive got them sorting a quote out

I'm not too hung up on price comparison
I want service and insurance thats right if I claim rather than many loop holes

Our other local broker was having the wool over my eyes


Some very interesting replies on here ive set the ball rolling with company's mentioned
Thanks everyone

 

[NLF]

So if you use a broker and they go bust, who actually owns the insurance policy?

You own it. The policy is in your name. But the broker handles your funds, they are a middleman, they pass on your premium to the the underwriter and pass back any claims and there is a time lag so brokers sit on a large balance of client funds - back in the days when interest rates were higher a large portion of their profits came from interest earned on client balances. Brokers take a 15-30% commission and for that they are supposed to provide ongoing services, especially claims handling. If they are no longer in business you are going to find it much harder to make a claim though in theory your cover is still in place.

Many brokers are not really brokers, they are tied agents. For example F&M are (I believe) now part of Ecclesiastical (the church of England’s mutual) so any business written through them is underwritten on the parents balance sheet or the parent has first dibs. Even so called independent brokers usually only use a small panel of underwriters. The relationships between brokers and underwriters used to be very corrupt, lots of kick backs and undeclared commissions. The FCA have done a good job at cleaning them up. All commissions should now be declared to the client.

 

[NLF]

Definitely try Farmers and Mercantile

F&M did a great job at segmenting the market. They spotted that large arable farms with good modern equipment were a much better risk than small mixed or livestock farmers (people working alone, old knackered equipment, lax attitude to health and safety - sorry for the stereotype). The NFU, in the best traditions of a mutual were cross subsidising the latter from the former. This enabled F&M to undercut the NFU on large arable farms. We (large arable farms) owe them as they forced the NFU to sharpen their underwriting. The small mixed farmers shouldn’t be as grateful.

 

[REStracTORATION]

F&M did a great job at segmenting the market. They spotted that large arable farms with good modern equipment were a much better risk than small mixed or livestock farmers (people working alone, old knackered equipment, lax attitude to health and safety - sorry for the stereotype). The NFU, in the best traditions of a mutual were cross subsidising the latter from the former. This enabled F&M to undercut the NFU on large arable farms. We (large arable farms) owe them as they forced the NFU to sharpen their underwriting. The small mixed farmers shouldn’t be as grateful.

Who would you say is the better company for my situation? in customer service and honouring a claim in the needed time if it should rises.

 

[Bald n Grumpy]

Have experience of a dodgy broker
Tractor and cultivator scraped our truck on the road
Other party gave his details no problem. Turned out his broker was taking money and issuing documents but not passing money to insurance company.
Company wouldn't honour until we gave copy of insurance documents then they had to pay out although they never received premium
Took months to sort

 

[NLF]

Who would you say is the better company for my situation? in customer service and honouring a claim in the needed time if it should rises.

It’s hard to say without knowing more about your business. People on here seem to like F&M. Surely for anything farming related you’ve got to start with NFU. I also use SPF (which used to be Savills Private Finance), but only for non farm stuff.

Some people here have a pathological hatred of NFU Mutual for reason beyond my understanding (they appear to confuse the insurance co with the trade body - read all the Red Tractor threads if you suffer from insomnia, yawn). You’ll notice that a lot of people who complain that they are expensive appear to be accident prone. My interpretation is that they are quite good at pricing for risk, so risky people find them expensive, those of us who rarely claim find them competitive (in contrast the job of a broker is to find underwriters who under price risk).

I find NFU competitive on my main farm, tenanted farms (where they beat a broker by a wide margin recently), rental properties, even classic cars. There are some things where they were way off the mark (i.e. they didn’t like the risk) such as my main home in London (it’s in a high subsidence risk postcode) and cars parked on London streets (who can blame them). The service is as good as your local agent but I find ours very good. I’ve only claimed twice in perhaps 20 years, both times from the NFU and never had any trouble.

 

[REStracTORATION]

It’s hard to say without knowing more about your business. People on here seem to like F&M. Surely for anything farming related you’ve got to start with NFU. I also use SPF (which used to be Savills Private Finance), but only for non farm stuff.

Some people here have a pathological hatred of NFU Mutual for reason beyond my understanding (they appear to confuse the insurance co with the trade body - read all the Red Tractor threads if you suffer from insomnia, yawn). You’ll notice that a lot of people who complain that they are expensive appear to be accident prone. My interpretation is that they are quite good at pricing for risk, so risky people find them expensive, those of us who rarely claim find them competitive (in contrast the job of a broker is to find underwriters who under price risk).

I find NFU competitive on my main farm, tenanted farms (where they beat a broker by a wide margin recently), rental properties, even classic cars. There are some things where they were way off the mark (i.e. they didn’t like the risk) such as my main home in London (it’s in a high subsidence risk postcode) and cars parked on London streets (who can blame them). The service is as good as your local agent but I find ours very good. I’ve only claimed twice in perhaps 20 years, both times from the NFU and never had any trouble.

Thank you
Makes perfect sense to me

 

[Speedstar]

Try H & H at borderway at Carlisle they are very competitive

 

[Phil P]

Not sure this is the correct section

Business Insurance cost
Customers vehicles covered
Fire theft
Road test
Tools
Stock
Public liability

Any company that you use that I should know about

Had a few quotes, I thought with Xmas partys not going ahead the premiums would be cheaper but I'm wrong again

Thought I'd have a shop around

Thanks

I’m not sure some people appreciate the implications of some of the things you want covering for, it’s not a straight forward farm policy! Your probably going to need a motor trade policy to drive customers tractors on the road and this can be very expensive. As you’ll know parts of my business will be similar to yours in respect of other people’s machines been driven and stored on the premises, tools etc
I went through the same process of getting quotes last year and no one could beat the NFUM, some companies wouldn’t even quote but my business model is quite complex in other areas also. However getting quotes did keep the NFUM on their toes and got me a good deal.
I have also had a couple of claims over the past couple of years due to some accidental damage and a theft and honesty I couldn’t fault the NFUM from start to finish.

 

[REStracTORATION]

I’m not sure some people appreciate the implications of some of the things you want covering for, it’s not a straight forward farm policy! Your probably going to need a motor trade policy to drive customers tractors on the road and this can be very expensive. As you’ll know parts of my business will be similar to yours in respect of other people’s machines been driven and stored on the premises, tools etc
I went through the same process of getting quotes last year and no one could beat the NFUM, some companies wouldn’t even quote but my business model is quite complex in other areas also. However getting quotes did keep the NFUM on their toes and got me a good deal.
I have also had a couple of claims over the past couple of years due to some accidental damage and a theft and honesty I couldn’t fault the NFUM from start to finish.

Perfect answer thank you very much certainly food for thought