ONLY a third of farmers are reviewing their insurance policies when renewals are due, according to research carried out by Farmers & Mercantile (F&M).

Of those surveyed at this year's LAMMA Show, almost a quarter had recently changed their farming business – causing concern that the original policy no longer suits their business needs.

Crucial aspects of the farm or diversified business could be under-insured and not covered if disaster occurs, while farmers could also be throwing away money by insuring for activities no longer undertaken, or machinery no longer used.

Alexandra Wellings, F&M’s managing director, said their advisers always review insurance requirements to ascertain the accuracy of sums insured on houses, farm buildings and other insurable items.

"We also encourage regular reviews of policies and site visits, enabling us to determine the cover requirements and ultimately deliver suitable insurance arrangements," she said.

F&M has a nationwide coverage specialising in the delivery of a first-class, independent service for arable, livestock and estate insurance.