Farm Insurance

johnanthony1

I recently inherited a Farm following the death of my uncle.The solicitor advised me that it will be 3 or 4 months before the farm is taken out in my own name.I recently contacted FBD to insure the farm but they would not insure it as the farm was not in my name yet.i am concerned that if there is a claim in the next few months I will not be covered.
Can anybody please advise me how or who might insure me. I am in the limerick area.
I don't have any other land just for the record.

barnaman

FBD will insure it, speaking from personal experience. The farm need to be insured by your late uncles legal reps or his executors id there was a will. FBD will issue the policy to the Legal Reps of John Murphy, Coolbawn, Ennis by way of example. The will not issue a policy to you ie Tom Murphy until you are the registered owner of the land. That will I would say take longer than a few months. Call into the local FBD office in Limericl and bring certifed copy of will and certfied copy or orginal death cert of uncle. Also bring in any old onsurance policy on farm. difficult to this over phine as you get through to call cente in Dublin, in person will sort you out.

johnanthony1

Thank you very much Barnaman for your very helpful advice.

danjoe

johnanthony1 wrote: »

Thank you very much Barnaman for your very helpful advice.

Aviva also do farm insurance and are very competitive and sometimes a better policy than Fbd.

nhg

It took 4mths from when my uncle passed away until the farm was officially in my name, my uncles insurance policy (Hibernian) was transferred into the name of 'executors of ...' and I had to take out a new policy once the farm was transferred into my name (FBD)

Make sure not to pay for anything farm related until the farm has been officially transferred into your name otherwise it cannot be used as a farm expense in your accounts, you could have the insurance organised and ready to go, you cannot insure something you don't own so it's up to the executors to sort the insurance until the transfer.

Not an easy time for you following the death of your uncle, only for this forum I don't know how we would have survived farming as we never farmed before, into our 4th yr now as farmers & lovng it...

barnaman

That was super quick! Probate normally takes a year plus.

johnanthony1

nhg wrote: »

It took 4mths from when my uncle passed away until the farm was officially in my name, my uncles insurance policy (Hibernian) was transferred into the name of 'executors of ...' and I had to take out a new policy once the farm was transferred into my name (FBD)

Make sure not to pay for anything farm related until the farm has been officially transferred into your name otherwise it cannot be used as a farm expense in your accounts, you could have the insurance organised and ready to go, you cannot insure something you don't own so it's up to the executors to sort the insurance until the transfer.

Not an easy time for you following the death of your uncle, only for this forum I don't know how we would have survived farming as we never farmed before, into our 4th yr now as farmers & lovng it...

Thanks a million for the advice & your kind words.Glad to see you are loving farming.it is a nice healthy albeit tough life. I was born and reared on a farm and delighted to now (4/5 mths time!) have a farm of my own.Every spare minute I have I am working on it rain or no rain! Thanks again.

nhg

As I said above ONLY 'The Executors' can run/work the farm until it officially transfers into your name. Accounts will have to be submitted to revenue up to the date of your uncles passing, a set of accounts for duration of the executors and then your accounts will start from the date of the transfer.

I ended up with my uncles accounts up to mid June, executors from mid June to mid October (they made a loss which couldn't be used against anything) and then my own accounts from mid October to December - of course I made a profit as the sfp came in, so as I said above no spending until everything transferred into your own name!

nhg

barnaman wrote: »

That was super quick! Probate normally takes a year plus.

Probably because there was no one else involved in the will except The Executors (my parents) and myself being the sole benefactor - it also helped having a good solicitor.

I know of someone and 10 yrs on land that was left to them is still not fully finalised with the solicitor..... nothing complicated just a simple transfer as no money etc involved just transfer of a few acres.

johnanthony1

Thanks for the advice NHG,I really appreciate it.I have now got Farm Insurance (no thanks to FBD).
I am not in a position to go farming myself yet so I hope to lease the farm on a 6 year lease & hopefully there are farmers out there interested in a 6 year lease in the East Limerick area.