Protect yourself from vandalism of machines and buildings - tips from a financial expert

Protect yourself from vandalism of machines and buildings - tips from a financial expert

According to a report by www.topagrar.com, more and more farmers are complaining about damage to machines or buildings by unknown people. A concerned farmer near the city asks whether and how he can insure himself against vandalism of machines. Our expert, Heiko Taube, WLV insurance consultant, explains that machines that require registration such as tractors, trailers or company cars are covered by fully comprehensive insurance, while machines that do not require registration such as combine harvesters or Hoftrac require separate fully comprehensive or machine breakdown insurance. Damage to buildings such as slashed silo bales is generally not insured, but some insurers have included the risk of vandalism in their fire insurance.

Factor-based information shows that increasing incidents of vandalism in agriculture may lead to higher insurance costs and potentially premium increases. Additionally, farms may be forced to purchase additional insurance to protect against vandalism, which would result in more financial burden. These additional costs could lead to a reduction in profits for farmers and affect the overall stability of the agricultural sector.

The integration of vandalism risks into existing insurance policies could also lead to increased demand for specialized insurance products tailored to protecting agricultural assets and machinery against vandalism. This could impact the insurance industry and lead to a realignment of insurance products.

Overall, the increasing number of vandalism cases in agriculture is having a significant impact on operating costs, farm profitability and the insurance industry. It is important that farmers are aware of insurance options to adequately protect their operations.