THE beef cattle industry makes an important contribution to the Australian economy.
In 2015-16, it accounted for about 23 per cent ($13.1 billion) of the total gross value of farm production and 22 per cent of the total value of farm export income.
Around 57 per cent of all Australian farms carry beef cattle, making this the most common agricultural activity in Australia.
Beef cattle farms are an important part of the rural economy in almost all regions of Australia.
It is an industry that requires quite specific insurance covers to enhance the prospects of maintaining a profitable business.
There are generally two types of insurance cover that can be obtained for cattle - a stud stock policy that can enable cover of stud bulls and heifers against:
- Death due to an accident;
- Death due to an illness or disease;
- Loss of use due to an accident (bulls); and
- Loss of use due to an illness (bulls).
Other covers that may be needed, such as transit insurance, that can either be added to an existing farm policy or taken as a separate cover, may be more extensive than that provided under the stud livestock policies.
The alternative to the stud stock cover or in addition to cover the entire herd, is the livestock cover provided under most farm insurance policies.
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