Grain price increases leave farmers at risk
Farmers are being warned to check their crops insurance amid fears that recent increases in grain prices may leave them without enough cover.
BiB Underwriters has written to all its broker clients advising them to contact farming policyholders over the risk of being under-insured.
The price of grain has doubled over the past year because of a number of reasons: • Growing of grain for alternative fuels following UK government initiatives and legislation to encourage it;
• Increases in global demand, for example, China was until recently an exporter of grain, it is now a net importer;
• Global shortages – higher than average rainfall in
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