Farm Tender Daily

Farm Tender Daily - All the news from Tuesday, the 30th of January, 2024.

By Dwain Duxson - Click here to go to the Farmer Tender website.

Is self-insuring an option? - I thought Insurance was boring. And it probably is if it's just sitting there in the background doing what it's intended for. But it’s not, because it’s a big expense now, and it’s noticeable. I have had an amazing amount of replies from yesterday's story on Insurance. You can read the article here.

Many of the replies were wide and varied, with some saying they don't take the risk and insure everything, some saying they are reducing the number of things they are insuring, and another said he will only insure the Crop for what it's going to cost him to put it in next year.

But one Farmer said they are considering self-insuring. I had to ask the question of how that would work, and they said they would just put the $80k premium aside in an interest-earning bank account and use that as their cover. If he didn't have a claim in the first 3 years, they would have a minimum of $240k put aside for claims. It's still a risk, but what isn't in Farming?

Another guy mentioned doing it with a group of hand-picked Farmers. Personally, that sounds a bit messy. You know how independent we are as Farmers in Australia. Interestingly, that's just how the Insurance industry started: a group of Fishermen in England pooled, say, 10 quid each, and if someone sunk their Boat, they would get access to the pool of funds to buy another Boat. Would you ever think of self-insuring? Reply to [email protected]

The Farmers Club headlines - Tomorrow, at 5 am, we talk about how someone is building something big and the benefits to the community. We talk about how Ratchet Straps have been a great invention and we also cover off on how tough Kiwi Farmers are doing it right now. Plus, all your replies, and we also have over 30+ short-form articles and images all about Farming. Sign up here.

Auction underway - See the link here to our first Auction of 2024.

Today's Trends - Sales trends included Tractors, Big Square Balers, MAP, Urea, Boomsprays, Irrigation Syphons, Flail Mowers, Disc Seeders, Chisel Plough, and Working Dogs.

End of message

Dwain Duxson
P - 0427 011 900
E - [email protected] 

What was listed today.

What was sold today.