In response to growers’ needs and the volatility in the wool market, AWN is now able to exclusively offer an extended period of insurance for wool held on-farm.
AWN’s Wool Trading Manager Ben Stace said woolgrowers would now be able to opt for an extra 90 days’ insurance.
“We have seen significant volatility in wool prices where there have been falls due to COVID followed by recent rallies. Many growers are holding wool on-farm longer than normal to market at a later date. This is pushing them past the standard 90-day limit for Sheep’s Back to Store (SBS) insurance,’’ he explained.
With some analysts predicting Australia’s growing stockpile of unsold wool reaching almost a third of the national clip by year’s end, there is expected to be significant interest in the new policy.
“As of November 1, AWN is able to offer wool growers an additional 90 days of insurance taking the total coverage time to 180 days. The standard insurance for 90 days will remain unchanged,’’ Ben said.
“As of November 1, AWN is able to offer wool growers an additional 90 days of insurance taking the total coverage time to 180 days. The standard insurance for 90 days will remain unchanged.’’
“This affordable extension gives growers peace of mind if they wish to hold on-farm longer given the variations in the market and provides an additional level of flexibility. I should point out that this insurance policy has been negotiated by AWN exclusively for the AWN group and its clients and is a sign of AWN’s commitment to providing a service to cater for the evolving needs of our growers.’’
Wool Trading Manager
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