Do I really need broad acre crop insurance?

/, Insurance Information/Do I really need broad acre crop insurance?
“As a grain producer, you don’t expect to suffer a major event such as a total harvest loss due to hail or other factors, “ says Insurance Broker John Bowman of Ausure Insurance & Finance Young. “However, the threat is ever present and few farmers can afford to sustain such a major loss. For this reason, broad acre crop insurance represents an integral part of any grain grower’s risk management program.”
John explains that this is further exemplified by the trend towards fixed tonnage contracts for cereal grains, legumes and oilseeds, whereby losses due to fire and hail may result in the grower having to purchase grain to fill the contract in addition to losing their own production.
The majority of crop insurance available is based on broad acre winter crops and cover is offered for all cereal, legume, oilseed and small seed crops. Insurance cover for broad acre crops in Australia is mainly limited to loss of yield due to fire or the impact of hailstones on growing plants.

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