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Farmers are being urged to insure bulls and protect themselves from losses.
Bull prices are soaring and farmers are urged to insure against losses.
While most bulls are sold under $10,000, this year a Gisborne bull was sold for $100,000, breaking the six-figure barrier for the first time.
According to FMG area manager Hayden Dunne, prices paid for bulls this year make it more important for farmers to consider insuring.
Dunne told Rural News that while most farmers may only buy one or two bulls for their herds, some cannot afford to not insure their stock.
“But as bulls are gaining in value we are seeing a greater uptake of insurance,” he says.
Bad weather and mishaps on farms can also lead to farmers losing their bulls. Dunne says claims on FMG this year have included an animal being swept away in a swollen river, and falling off a cliff and ending up in a tree.
“We see all sorts of claims first hand; we work with our clients to settle the claims as fast as possible, getting them back on track, where they would have been out of pocket if they hadn’t taken cover.”
Bull sales and auctions normally take place during the winter months; FMG rural managers attended many sales throughout the country over the bull sale period.
Dunne says FMG will be onfarm again for the yearling sales. Insurance cover for bulls bought at these auctions can start at the fall of the hammer, and the options are from transit + 30 days through to an annual policy.
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