Why Is Forestry Insurance Necessary?
Plantation estates are exposed to a variety of risks and perils. A loss of trees will almost certainly impact your income statement in the year the loss is incurred, as well as in future years. In addition the reduction in tree area will impact your balance sheet going forward.
What Can Be Covered?
Forestry insurance generally covers the destruction of trees as a direct consequence of Fire, Hail, Malicious Acts, Impact, Earthquake and as an option, Windstorm. The policies provide a variety of Additional Benefits including:
- Replanting Costs
- Fire Fighting and Mitigation Expenses
- Removal of Debris
- Plantation Infrastructure
- Claims Preparation Costs.
Small, medium and large plantation estates from family owned to corporate agribusiness.
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What Does It Cost?
The cost of Forestry insurance depends on the perils to be insured, the location of the plantations, tree species and age, loss history and a variety of plantation Risk Management factors.
For larger corporates the insured’s fire preparedness and suppression capability, selection of excess and limits of liability are critical in determining the overall insurance cost.
Forestry insurance is a very competitive market, with a number of insurers
participating, all with different policies offering a variety of features and benefits.
That is why it’s important to use a broker like AgriRisk.
AgriRisk takes the hard work out of choosing insurance.
Our team of experienced and friendly brokers will:
Determine your individual needs, including risk profile and budget
Approach a range of insurers to determine the most appropriate products for your business
Search the insurance market, and negotiate the right cover and competitive terms.
Provide expert advice and make recommendations about the right risk management solution for your needs.