Farming’s Luckpenny tradition enters digital age

For centuries, farmers have given the buyers of their livestock a penny known as ‘luck’ to seal the deal and show their goodwill. The tradition has given its name to Luckpenny insurance – taken out by farmers selling livestock to give buyers peace of mind that they are covered if an animal dies after purchase.

Now, with many sheep sales taking place on the internet because of the COVID-19 pandemic, leading rural insurer NFU Mutual has launched online Luckpenny insurance to provide a valuable reassurance for buyers of livestock they haven’t been able to check over personally.

The insurance, part of NFU Mutual’s support package to help UK farmers through the pandemic, provides ‘fall of hammer’ cover for a three-month period from sale through websites such as SellMyLivestock.com and marts who have adapted their offer to include online trading. It includes slaughter on humane grounds due to injury, illness and disease, to encompass online private sales of sheep.

“Farmers have been incredibly innovative adapting the way they work to keep the nation fed,” said Alex Nott from NFU Mutual’s Farm Underwriting Team.

“Moving to online sales has been a huge change from buyers being able to physically inspect the livestock they are buying – so it’s more important than ever that they have the protection of Luckpenny insurance to give them the confidence to buy.”