Nfu farm insurance
NFU Mutual welcomes warning to farmers on insurance
Martin Malone, NFU Mutual Manager for Northern Ireland (pictured) said: “Mr Haslett’s accident sadly shows just how dangerous slurry fumes can be. As the main insurer of Northern Ireland’s farms, we are all too aware of recent deaths and serious injuries resulting from slurry fumes inhalation. We hope Mr Haslett’s recovery continues and welcome his call for farmers to consider personal accident insurance to help them in the event of a serious accident.
“When arranging insurance for the farm itself, the main considerations are protecting the buildings, equipment and livestock; protecting against the risk of claims from third parties through liability Insurance, and consequential loss insurance to keep an income flowing following an incident like a major fire.”
Mr Malone gave the following advice:
Product liability insurance covers claims for damage or illness caused by the farm’s produce. Because of the risk of very large settlements following fatal accidents or life changing injuries, NFU Mutual provides £10m cover as standard for product and public liability farm insurance.
There are two types of protection to consider:
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Personal Accident Insurance provides to help cover costs while unable to work following an accident. It is designed to help cover additional costs following accidents such as a broken leg which require several hospital visits and inability to do manual work for a few months.
– Loss of Limbs, Sight, Speech or Hearing
– Permanent Total Disability
– Hospital benefit of £25 per day during in-patient treatment, up to £1,000
– Professional counselling, up to £5,000
– Medical treatment we believe will aid recovery.
– Pre-existing health conditions
– Illness appearing within 21 days of the start of the cover being taken out
Income Protection Insurance provides Longer term protection in the form of a regular monthly benefit if, because of illness or injury, you are unable to work, resulting in a loss of earnings. Policyholders choose a ‘deferment period’ i.e. how soon the monthly benefit payments start after you become incapacitated. This can be either 4, 8, 13, 26 or 52 weeks. The longer the deferment period, the lower the premium.
You can choose how long you are covered for, i.e. how long the payments last for when in payment i.e. to age 60 or 70. You can also choose whether the income payments increase when in payment (to offer a degree of inflation protection) or remain fixed.
“If you are concerned that you may not have good protection in place for yourself or family members, NFU Mutual local agents can provide more information about what the different types of protection cover provide – and premium costs,” he added.