No 419 - Friday's Club Note

The “Club Notes” for Friday, the 23rd of January, 2025.

By Dwain Duxson - An Ag Enthusiast

Inventive with Insurance

A mate of mine has a rather large logistics business, and he was saying the other day that apart from 3rd party insurance, he self-insures all his Trailers (he doesn't own Prime Movers), his forklifts, and anything else that moves. I should say he part self-insured in that he pays a small amount, which is enough for a handful of things to go wrong. Normally, his insurance would be in the millions. I am hearing of more and more Farmers self-insuring. Most are doing some but not all, and whatever money they would save on premiums, they are putting that aside to build up a kitty if something goes wrong. Maybe you could find a way to use your super fund somehow. You would just want to hope nothing goes wrong in the first couple of years. I guess if you are insuring, say, half the amount of items as you would have in the past, then that's a form of self-insuring. The extra premium you save by only insuring half might not be going into a kitty for that thing that can go wrong though. The whole self-insuring thing is feasible, and one thing's for certain: insurance premiums will keep on rising, or I should say they will keep on gouging us. Of course, it's different if you owe money on something; the lender is going to want that piece of gear insured. Crop Insurance is another thing people would be reluctant not to insure. Do you do any self-insuring, or have you worked out a way to keep your insurance costs down? Reply to [email protected] or 0427 011 900

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What’s in the paid section today:

Story 2 - Water - We don't appreciate it until we don't have it…..

Story 3 - Controlling or, more so, enhancing the kilos and tonnes…..

Number of articles and images - 67 snippets of the latest Farming and Ag news and info, all bundled up into a quick read. Also, 20 funnies to get your Friday off in the right frame of mind, along with only 2 “just sayings” this morning.

Number of Farmer replies - Only 2 today, but one is a fabulous story about a young Farmer’s situation and how he developed a plan B. So many learnings for young people here.

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