A leading co-operative has launched a new wholly-owned insurance service for its farmer members.
Fram Farmers co-operative has launched the new service to provide "bespoke insurance products" for its more than 1,200 members, who collectively farm over 270,000ha throughout the UK.
Fram Farmers first entered the insurance industry when they launched 'N-sure', in 2015, which covered 10% of its member businesses.
The co-op says that, following on from that success, it decided that "further, significant growth was possible in that sector", leading to the new development of Fram Farmers Insurance Service.
The new venture will be headed up by Nick Hindle, financial controller for the Fram Farmers Group and finance director for the new service.
He said: "Our range of insurance products and services include: a 'farm combined' policy for farm, home and property owners; fleet cover for cars commercial vehicles and agricultural equipment; director's liability; engineering; hail damage; and business interruption.
As our members increasingly develop additional enterprises to enhance their income from core farming activities, such as crop and livestock production, it is vital that we work with an insurance broker with experience, expertise and personnel to ensure that the right covers are in place to reflect these changes and protect their livelihoods.
Fram Farmers will team up with broker Scrutton Bland; according to the co-op, its new partner "has developed insurance solutions to meet the evolving requirements" of modern farming.
"In recent years, we have placed an emphasis on building our specialist insurance teams. We have excellent understanding and experience of the agricultural sector, and our specialist insurance divisions support specific sectors by identifying risks and providing tailored insurance and risk management," said Tim Mulley, from Scrutton Bland.
Finally, Richard Anscombe, chief executive of Fram Farmers, argued that the new partnership "will enable us to build on our success in delivering the professional insurance service that members expect.