Comprehensive All-Risk Insurance Now Available for Large-Scale Australian Farms
Harland Green's New Offering Addresses Complex Needs of Commercial Farmers
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In a significant development for Australia's agricultural sector, Harland Green, a newly established Lloyd's coverholder, has unveiled an all-risk farm insurance package specifically designed for large commercial farming operations.
This initiative aims to address the complex and evolving needs of the agricultural industry by offering comprehensive coverage that encompasses various aspects of farm operations.
The Farming All Risk package includes industrial special risk insurance, covering farm property, business interruption, and plant and equipment. Additionally, it offers public and products liability insurance for farm operations. This holistic approach ensures that farmers have robust protection against a wide range of potential risks.
Glen Drinnan, founder and CEO of Harland Green, highlighted the motivation behind this offering, stating that reduced insurer support for the agricultural sector has stifled product development. By leveraging advanced data-driven automation, Harland Green aims to provide brokers with efficient quoting processes and enhance claims management, ultimately delivering greater value to farmers.
For Australian farmers, particularly those managing large-scale operations, this new insurance solution offers a tailored approach to risk management. By addressing the unique challenges faced by commercial farms, Harland Green's all-risk package represents a significant advancement in agricultural insurance, providing peace of mind and financial security to the farming community.
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Moral Hazard: The concept that individuals may take on more risk when they do not bear the full consequences of that risk, often relevant in insurance scenarios.
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