From now until the 10th November is one of the busiest periods for our agricultural underwriters as well as our brokers with farming clients in Scotland as we prepare for the so-called Scottish Quarter Day on 11th November.
Dating back over many years Scottish Quarter Day marks the date when farmers settle rents or outstanding loans from the returns from selling their crops. Similarly, contracts would commence or restart – including insurance – and to this day it remains a spike for the inception or renewal of our farm vehicle insurance policies.
Portfolio Underwriting Manager for Agriculture, Malcolm Cawsey shares some of his top tips for brokers looking to place or update cover around this forthcoming new business/renewal window.
1. Review before you (auto)-renew: Farming is one of the most dynamic industries there is and so it’s important to assess the prior year well ahead of renewal (ideally 4-5 weeks) so that insurers can quote based on a full understanding of requirements as well as any claims experience or risk reduction measures being taken. Whilst not all factors are rated for, they may distinguish certain aspects of cover. For instance, some agriculture policies will have a limit on the value of vehicles that can be stored in one location. While this is not something we rate for or put a limit on some polices might.
2. Beware the small screen: The ability to capture a client’s vehicle schedule on a mobile is certainly convenient, but often information we’re sent from a photo or screen grab on a phone excludes key details or can sometimes have entire pages missing! This can cause delays in getting the right information in order to respond with a timely and accurate quote. To mitigate this we advise double-checking what’s been sent or giving us a call to check to mitigate any delays, particularly if it’s time-sensitive.
3. Plan ahead: Whether it’s a new business discussion or a renewal, it’s good to understand what your client has coming up over the year ahead. For instance, will they be acquiring more vehicles or investing in a particularly high-cost piece of machinery? Do they have a son/daughter about to turn 17 that they’ll want added as a driver? Some insurers may not cover things like younger drivers so it’s worth talking to clients about any likely changes so that there are not any unforeseen issues down the line. It also means that later adjustments can be made with any prior due diligence required having already been done.
4. Vehicle maintenance: Evidencing prior vehicle maintenance is always a requirement of a claim so it’s worth reminding customers to keep records so that our engineers can pursue and authorise the appropriate repairs, or progress a settlement value, as quickly as possible. We also provide cover for the use of loaned or borrowed vehicles, as we know that it is common practice in farming communities for vehicles to be loaned or shared with neighbouring farms if an important vehicle is out of commission for repair, or is being replaced.
5. Adding extra value: Finally, are there opportunities to provide your farming clients with extra support or services to give them something less to worry about? The value of products like breakdown cover can often be overlooked, but as farmers typically use a range of vehicles both on and off the farm their exposure is different. Would your client benefit from specialist breakdown cover as an enhancement to their insurance policy? ERS’ breakdown service covers trailers and horseboxes up to 44 tonnes and includes recovery from snow, ice, mud and flood as standard so whether your client breaks down on the road or is stuck in the field (in fact they do not even have to have broken down) our recovery service will get them back on the move.
While these may feel like small things, they can make a big difference when it comes to delivering a superior service for both you and your clients, especially during seasonal peaks.
If you have agricultural policies up for renewal or want to hear more about what we can do for your farming clients then get in touch with one of the team e: agriculturequotes@ers.com t: 0345 600 2284
