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The forestry and timber industry risk landscape
The forestry industry is under significant pressure to manage and mitigate risk. Catastrophic bushfires in Australia and across the globe in recent years have led to several major property damage losses. The devastating 2019-2020 bushfires across Australia resulted in more than $1.9bn in losses (Source: Insurance Council of Australia).
Timber businesses are faced with myriad challenges such as:
- Limited market capacity to place risk
- Substantial premium increases
- Pressure to install sprinkler systems
- Significant information requirements during the insurance renewal process
Marsh’s dedicated Forestry & Timber Practice has the experience, knowledge and market relationships to help you understand and manage your risk by building a successful tailored insurance program.
Our team comprises subject matter experts who not only understand your industry through years of experience across multiple jurisdictions but also have the expertise to provide advice and support to ensure your risk needs are understood by both yourself and the insurance market.
Our tried and tested approach ensures that as your insurance broker, we can support you every step of the way.
How we can help
Risk management consultancy and insights
Loss data analysis
Parametric insurance covers
Fit-for-purpose policy wordings
Benchmarking
Access to global and local insurance markets
Marsh is the risk advisory partner you need to help grow your business
Specialised industry experience
Our dedicated Forestry and Timber Practice currently helps 145 plantations, logging, forestry and wood product clients across Australia. We have unique insight into the risks facing businesses in this industry and can use this knowledge to arrange cover to meet your specific requirements.
Your trusted local broker
With 33 offices across Australia, we can connect you with a local Marsh broker who understands your industry as part of our service offering.
Claims support
Resolving claims efficiently is crucial when recovering from a business loss. Our team can help take the stress out of the claims process by helping to lodge and provide support to settle claims as an additional service.
We take claims seriously
At every step we focus on transparency and communication, keeping you updated on the status of your claim with meetings and reports that align with the nature of the claim.
The fundamentals of our claims management model include:
- Early claims reporting
- Triage and segmentation
- Timely and effective communication
- Proactive claims management
- Adequate and skilled resourcing
- Proactive communication with the client, adjusters and insurers
- Recording of incident and claim details
- Quarterly review meetings
- Regular claims reporting
FAQs
What does plantation insurance cover?
Plantation insurance generally covers damage to standing timber from insured events such as Fire, Malicious Acts, Impact, Hail, Windstorm and Earthquake.
Depending on your business requirements, additional cover may be recommended including claims preparation costs, replanting costs, plantation infrastructure and firefighting expenses.
What other insurance solutions should timber and forestry businesses consider?
Whether you are a plantation grower, timber processor, distributor or a contractor to the forestry industry, it’s important to understand the risks associated with running your business. Depending on the size and specifics of your business, our team recommend considering public and products liability insurance, property insurance, business interruption insurance, workers compensation and heavy vehicle and truck insurance.
LCPA 22/218