Stockinsure: 30 years and counting!
Over the span of three decades, the Stockinsure program has safeguarded billions in turnover and seen a continuous growth in its buyers list and member shareholder community. This enduring success stands as a remarkable testament to the strength and efficacy of both the program and its developer, Stock & Station Agents Co-operative Limited, and is now recognised as one of the strongest co-operatives in the country.
Of course, our founding livestock agent directors knew it wouldn’t fail from day one, because there was nothing else available that protected livestock agents against financial losses from defaulting purchasers that had the Co-operative bulk buying power such as Stockinsure.
They were quickly vindicated too, after two big abattoirs in New South Wales collapsed. While some agents caught up in the crash were left high and dry, our members recouped $500,000.
From that point, some would say the rest is history on our 30-year journey of going from strength to strength. The founding Central West Selling Agents Co-operative Limited soon attracted the State sales agents association in NSW, then Victoria and South Australia came on board, the co-operative later expanded into Queensland, and it didn’t take long for the Northern Territory and Western Australia to follow the lead.
QBE Insurance was our first underwriter, however four companies support the member base today and the options have extended significantly from debtor insurance to a full suite of specialised solutions, including transit insurance in more recent times. Together with our primary insurance, the transit option also is appreciated by producers as much as our agents and continues to underline the support for our members and of the Stockinsure program.
Built by agents, for agents and continually directed with agent experience has remained the platform for strength, growth and high respect, including from financial institutions. Ongoing, high-level intelligence from our directors and member base across the country helps drive an efficient program that offers the most competitive solutions in the industry.
This has all added up to peace of mind for our members, their clients, and, importantly, for their financiers, all while also growing their own investment in Stock & Station Agents Co-operative Limited and the role they play in an industry stronghold. It’s a strength that we all know, despite the cycles and challenges of our industry, will continue to steadfastly grow. Bring on the next 30 years!
SSAC Transit Insurance Update
On behalf of the SSAC Board, we are pleased to announce the appointment of a new underwriter HDI Global SE, Australia to our Member Group Transit Insurance Offering.
We are also delighted to share the following major policy benefits negotiated for all members leveraging the strength of our group:
- Limit of Liability has been increased to $500,000 - any one conveyance, location or event.
- NIL Policy Excess for SSAC Members on claims, subject to correct paperwork received.
- Territorial Limits: this Policy applies in respect to Occurrences anywhere in Australia, including Australian territory - NO distance limitations.
- Members will enjoy an agreed premium rate on the Total Sum Insured declared on Monthly returns.
- Loss of livestock namely: sheep, cattle, goats and pigs and/or other herd animals as identified from time to time and endorsed in the Policy Schedule.
- Livestock can be considered on a case by case basis: alpacas, llamas, camels, deer, horses (bloodstock excluded) can be considered upon application.
- Ostriches and domesticated fowl: chickens, ducks, geese, turkey, guinea fowl, pigeons, quail or pheasants can also be considered upon application.
- Excluded: bloodstock, prize animals, racehorses, birds, exotic or other animals.
- Studstock; up to $10,000 per animal/ $20,000 any one loss if this optional extension is selected upon application by the joint insured. Subject to variation to Standard Premium Rate.
- Successful claims will be paid within 24 hours.
Period of Insurance from 1 January 2024 at 12.01am to 31 December 2024 at 4.00pm.
For further information of to arrange Transit Insurance for your business, contact us today.
Matthew Starr meets the Australian Minister of Agriculture
Stockinsure Director and Geaney's Livestock and Real Estate director Matt Geany, Agriculture Minister Hon David Littleproud and Stockinsure CEO Matthew Matthew Starr at the Big Country 2021 Brahman Sale, Charters Towers. Photo courtesy - North QLD Register.
Our CEO, Matthew Starr recently had the pleasure to meet with the Minister for Agriculture Hon David Littleproud at the inaugural event for Beef Australia 2021.
Stock and Station Agents Coop's member program Stockinsure are proud sponsors of Beef Australia and it was wonderful to show support and meet with the chief guest Hon David Littleproud.
The event coincided with the Big Country Brahman Sale where he was interviewed by Tom Major from ABC about the risks livestock agents are facing during COVID-19 and beyond and how insurance can play a more important role now, more than ever.
Listen to the interview below. Matthew comes on at 46 minutes.
Play interview
