TOWER Tailored Rural Insurance frequently asked questions

• What is Loss of Farm Income insurance?

  Loss of Farm Income cover is designed to maintain your farm income following a major loss to any farm building or machinery - such as the dairy shed, woolshed or fixed plant. It insures you for loss of profit and/or any additional increased costs to keep the farm operating at its normal level.

• What insurance cover can I get for my submersible pump?

  If you own any submersible pumps you must specify these on your farm insurance policy for them to be insured. You can cover your submersible pumps for:
  1.    Material damage (sudden and unforseen accidental physical loss or damage) – this could include frost, storm, flood, earthquake, malicious damage, or theft.
  2.    Asset breakdown – for fusion, mechanical, electronic or electrical breakdown.

• Are my sheep covered when in transit? 

  If you take out transit cover, your farm assets are covered for sudden and unforeseen accidental physical loss or damage, whilst being carried in any motor vehicle or trailer within New Zealand.

• Do I need to specify dairy company vats and units in my policy?

  Yes - unless specified on your policy, these items are not covered. We will pay the replacement value, up to the amount shown on the Certificate of Insurance, less any excess, for Dairy Company owned vats and refrigeration units on your farm.

• Can I get cover for my hay, straw, lucerne and baleage?

  Yes, as long as you specify it on your policy.  We will pay the market value, up to the amount shown on the Certificate of Insurance, less any excess, for sudden and unforeseen accidental physical loss or damage caused by fire, lightning, spontaneous combustion or flood. For loss or damage by flood to these items in the open we will pay the market value up to $5,000 only. 

• Are my fences covered?

  As long as you specify your fencing on your policy, we will pay the present day value (up to the amount shown on Certificate of Insurance, less any excess) for sudden and unforeseen accidental physical loss or damage caused by fire, excluding hedges. Flood cover is limited to $5,000 only.

• What livestock cover is available? 

  As long as you specify your animals on your livestock policy, we will pay the market value (up to $2,500, less any excess) for any one animal, for the death or slaughter on humane grounds of your stock as a result of fire, electrocution, lightning or smothering caused by panic as a result of fire or lightning.

• Am I insured for power/telephone poles/cables on my property?

  If specified on your policy, we will pay the present day value (up to the amount shown on Certificate of Insurance, less any excess) for sudden and unforeseen accidental physical loss or damage – eg windstorm, snow damage, flood, or damage by a vehicle (ie tractor).

• Is there a choice of excess options for each type of cover?

  Yes, you can select a preferred level of excess for each section of your farm policy (some conditions may apply).

• If one major event damages many different farm assets, do I have to pay several excesses?

  No. Should loss or damage occur to your farmhouse, contents or farm vehicles in the same event, only one excess will apply (the highest excess will apply).

• What options are available for premium payments?

  You can choose to pay your premiums monthly, quarterly, six monthly or annually. Monthly payments can only be made via direct debit, but quarterly, six monthly and annual payments can also be made via cheque, credit card or cash (at NZ Post).

• Will I save money by paying annually?

  Yes, if you pay your premiums in one lump sum you can save money (compared with paying monthly).  Give us a call for a free, no obligation quote.

• Can I transfer my no-claims bonus discount if I transfer my policy from another insurance provider?

  Yes. TOWER will honour your no-claims status with our equivalent if you transfer your policy from another company.

• Do I have the flexibility to select the protection I need?

  Yes, while the TOWER Tailored Rural Insurance policy has some standard cover, it also allows you to select from a range of Optional Special Benefits - allowing you to choose those that you require, and leave off those that you don’t.

• How do I make a claim?

  It is important that you tell us as soon as possible if you become aware of any circumstance which may give rise to a claim by calling 0800 161 262 between the hours of 8:30am to 5:00pm, Monday to Friday. If you are asked to fill in a claim form, we must receive the completed claim form within 30 days.

   

  In the case of an emergency claim (ie fire) you can call 0800 161 262, 24 hours, seven days a week.

• Can I still get a package discount if all my assets (ie house, contents and motor vehicles) are insured under one farm policy?

  Yes you can. Our packages discounts are applied at an item level, you may still qualify for a package discount if you have two or more items covered under your farm policy.

   

  However, please note that package discounts do not apply to all policy sections.  For more information, please discuss with one of our Rural Specialists.

• Can I get cover for my lifestyle block?

  Yes, we offer cover for lifestyle blocks. If you earn less than $10,000 gross income from the property, and the property is less than 10 hectares then this would be considered a lifestyle block.

  
  
  Important: The above questions and answers are summaries only. For the full terms, conditions and exclusions of the policy, please request a copy of the policy document. TOWER’s normal underwriting criteria apply. All cover is dependent upon the level of cover specified in the Certificate of Insurance and upon a claim being accepted by TOWER Insurance.