Plantation trees are valuable and become more so over their lifetime, there are however, a number of challenges facing the plantation insurance market at the moment with the majority of underwriters advising they are no longer offering this type of insurance. Source: Timberbiz
There is now only one underwriter in the Australian market accepting policies on a stand-alone basis.
The IFA/AFG have been working to identify a way forward and have engaged an expert in Plantation Insurance to assist their members with choice and a competitive market to ensure premiums are kept affordable.
PSC Insurance Brokers of Western Australia have been appointed as an IFA partner.
PSC has extensive experience in plantation insurance cover and has been able to identify a short-term solution in 2021 for IFA/AFG members with Rural Affinity Insurance Agency Pty Ltd.
Rural Affinity Insurance Agency Pty Ltd is an underwriting agent arranging policies for and on behalf of the insurer.
PSC has the required relationships with the London underwriting markets which will enable the company to work on alternative insurance solutions for future years.