Farmland Leasing Insurance

heffo500

Hi

I've been asked by a farmer to rent my 3 acres so we agreed a price and I've told him I'll get contracts drawn up by my solicitor and I asked him has he got public liability insurance and he said he hasn't got insurance that covers any fields he rents only the fields he own. He said he thought it was the land owner's
responsibility so I said I will check with my solicitor so I was just wondering who has to get the insurance me or him?

Also what's the going rate per acre for farmland beside a river being used for potato farming?

JohnBoy

not what we were told.

In fact I think our lease has a clause requireing the tenant to have insurance.

the landlord should have insurance also, to be sure though.

bob charles

As a tenant I have public liability for all my leased land,

In all fairness is there need to involve a solicitor? for three acres. Any such thing as a gentlemans agreement? I lease allot of land on short and long terms all sealed on a handshake

New_one

Each party will need their public liability in place. There can be 2 claims. 1) a third party enters a 3 acres and gets injured by falling over something the property owner left on the ground. 2) the tenant has animals in the 3 acre field and one of them break out onto the road and causes damage.

I would say the cost to insure public liability for the land owner = €120
cost to extend the new situation of risk for the tenant = free.

That's not getting into the whole legality of it, but there are 2 parties so potentially 2 claims

heffo500

bob charles wrote: »

As a tenant I have public liability for all my leased land,

In all fairness is there need to involve a solicitor? for three acres. Any such thing as a gentlemans agreement? I lease allot of land on short and long terms all sealed on a handshake

Famous last words. We always go by the policy get it in writing so we all know where we stand and anything happens you have it in writing.

I thought it was up to him to have public liability but if we need I will get it.

heffo500

New_one wrote: »

Each party will need their public liability in place. There can be 2 claims. 1) a third party enters a 3 acres and gets injured by falling over something the property owner left on the ground. 2) the tenant has animals in the 3 acre field and one of them break out onto the road and causes damage.

I would say the cost to insure public liability for the land owner = €120
cost to extend the new situation of risk for the tenant = free.

That's not getting into the whole legality of it, but there are 2 parties so potentially 2 claims

Any insurance company I rang said they won't insure it as it's too small.Any idea who would insure it?

heffo500

My last question how much would you expect to get per annum for the 3 acres beside the river liffey for potato planting.

Juniorhurler

For potatoes probably about €300 per acre. About enough to pay your insurance and the solicitor for drawing up this contract;). Also remember renting land is subject to 50% tax as its unearned income.

heffo500

Juniorhurler wrote: »

For potatoes probably about €300 per acre. About enough to pay your insurance and the solicitor for drawing up this contract;). Also remember renting land is subject to 50% tax as its unearned income.

He offered me €450 then I said €500 and he agreed. I thought he agreed very quickly but It wont go through till march so plenty of time for bartering. The field has to be ploughed up and harrow its just ploughed at the minute with grass on it. I'm afraid if I barter too much he will pull out.

It's also a 100% organic field and he wants to put fertilizer on it. What do you think should he not be going down the organic route as it may be more profitable and better in the long run for my fields value.

Juniorhurler

heffo500 wrote: »

He offered me €450 then I said €500 and he agreed. I thought he agreed very quickly but It wont go through till march so plenty of time for bartering. The field has to be ploughed up and harrow its just ploughed at the minute with grass on it. I'm afraid if I barter too much he will pull out.

It's also a 100% organic field and he wants to put fertilizer on it. What do you think should he not be going down the organic route as it may be more profitable and better in the long run for my fields value.

You've done well there, about 3-350 is going rate around here. If you have already made an agreement at 500 there is no time for bartering unless you have no word. In the farming community the worst accusation that can be levelled at a man is that he has no word. If he is a commercial grower and that field has got no fertilizer before he will gwt too small a crop off it unless he can use fertilizer. It probably would be better for you to keep it organic but he will probably pull out if you go that way. I'm no expert on potatoes or organic farming but I think what I'm telling you is true.

heffo500

Juniorhurler wrote: »

heffo500 wrote: »

He offered me €450 then I said €500 and he agreed. I thought he agreed very quickly but It wont go through till march so plenty of time for bartering. The field has to be ploughed up and harrow its just ploughed at the minute with grass on it. I'm afraid if I barter too much he will pull out.

It's also a 100% organic field and he wants to put fertilizer on it. What do you think should he not be going down the organic route as it may be more profitable and better in the long run for my fields value.

You've done well there, about 3-350 is going rate around here. If you have already made an agreement at 500 there is no time for bartering unless you have no word. In the farming community the worst accusation that can be levelled at a man is that he has no word. If he is a commercial grower and that field has got no fertilizer before he will gwt too small a crop off it unless he can use fertilizer. It probably would be better for you to keep it organic but he will probably pull out if you go that way. I'm no expert on potatoes or organic farming but I think what I'm telling you is true.

He said he will want to keep it for at least three years. I'm happy with €500 cash tbh it's just siting there idle anyway.

heffo500

Juniorhurler wrote: »

You've done well there, about 3-350 is going rate around here. If you have already made an agreement at 500 there is no time for bartering unless you have no word. In the farming community the worst accusation that can be levelled at a man is that he has no word. If he is a commercial grower and that field has got no fertilizer before he will gwt too small a crop off it unless he can use fertilizer. It probably would be better for you to keep it organic but he will probably pull out if you go that way. I'm no expert on potatoes or organic farming but I think what I'm telling you is true.

I think we got our wires crossed we agreed €500 for the three acres not €500 per acre.

Bactidiaryl

Hi.I think 500 is quite a good deal. definately for cash.and probably free spuds too.happy days.

heffo500

Bactidiaryl wrote: »

Hi.I think 500 is quite a good deal. definately for cash.and probably free spuds too.happy days.

So do I and I defiantly wont say no to few bags of queens. Nothin like new potatoes