Floods affect your farm? Know your insurance rights.
The recent New South Wales floods have impacted hundreds of farms.
If you own a farm that was flooded or affected by the floods, you
may find yourself under-insured or not covered, so it's important
to know your insurance legal rights.
What does my insurance policy cover?
All insurance policies are different, and in particular, their
definitions of 'storm' and 'flood'. Generally, damage caused by a
storm, rain and wind, and local runoff from streets, gutters and
stormwater drains is covered in most farm insurance policies.
However, many farm insurance policies exclude floods from rivers,
creeks, dams, lakes or reservoirs that cause damage.
Many farm insurance policies generally cover livestock and mobile
machinery, and can also cover farm buildings such as sheds (not
houses), contents, fixed machinery, stock feed, silage, grain,
wool, and some business interruptions. However farm insurance
policies don't usually cover crop or fence damage.
Farm insurance policies often cover business interruption losses.
If you have been unable to trade as result of the floods or storm
event, you may be able to claim.
Some other types of insurance policies may cover losses arising
from the floods such as motor vehicle insurance, life insurance,
income protection insurance etc.
Print the farm fact sheet.
The 2010-11 Victorian floods have impacted hundreds
of farms. If you own a farm that was flooded or affected by the
floods, you may find yourself under-insured or not covered, so it's
important to know your insurance legal rights.
What does my insurance policy cover?
All insurance policies are different, and in particular, their
definitions of 'storm' and 'flood'. Generally, damage caused by a
storm, rain and wind, and local runoff from streets, gutters and
stormwater drains is covered in most farm insurance policies.
However, many farm insurance policies exclude floods from rivers,
creeks, dams, lakes or reservoirs that cause damage.
Many farm insurance policies generally cover livestock and
mobile machinery, and can also cover farm buildings such as sheds
(not houses), contents, fixed machinery, stock feed, silage, grain,
wool, and some business interruptions. However farm insurance
policies don't usually cover crop or fence damage.
Farm insurance policies often cover business interruption
losses. If you have been unable to trade as result of the floods or
storm event, you may be able to claim.
Some other types of insurance policies may cover losses arising
from the floods such as motor vehicle insurance, life insurance,
income protection insurance etc.
If an insurer or insurance broker advised you on the fixed price
cover amount and the amount did not cover all your losses, you may
have a claim against the insurer or broker for the shortfall.
Print the farm fact sheet.