Agriculture Insurance
Poultry Farm Insurance
This product covers birds (broilers, layers, parent stock, grandparents stock, hatchery stock, cockerel, ornamental birds) against death as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident. The premium rate is dependent on the standard of risk management, biosecurity, size of the farm, and the type of birds to be insured. The sum insured is based on the declared market value of the broiler at table size, and layers at point of lay.
Requirements include:
- Completion of our proposal form
- Physical inspection/pre-loss survey of your farm
- Standard farm management and Good Agronomy Practice (GAP)
Livestock Insurance Policy
This policy insures livestock (e.g. cattle, sheep, goats, rabbits, and pigs) against death caused by fire, lightning, windstorm, flood, accident, outbreak of uncontrollable disease. The coverage provided by this policy indemnifies based on the value of insured animals in the event of death. The sum insured is dependent on the declared, and/or projected, market value of the animal.
Requirements include:
- Completion of our proposal form
- Physical inspection/pre-loss survey of your farm
- Standard farm management and Good Agronomy Practice (GAP)
Fish Farm Insurance
This policy insures fish against death and fish pond against collapse as a result of fire, lightning, windstorm damage, flood, uncontrollable disease and accident.The sum insured is based on the declared, and/or projected market value of the fish.Premium rate is dependent on the standard of risk management, biosecurity, size of the farm, and the type of fish to be insured.
Requirements include:
- Completion of our proposal form
- Physical inspection/pre-loss survey of your farm
- Standard farm management and Good Agronomy Practice (GAP).
Farm Property & Produce Insurance
This policy provides cover against loss of, or damage to, farm property (e.g. warehouse and farm equipment) and agricultural produce as a result of fire, burglary/housebreaking, lightning, flood, windstorm, explosion, aircraft, earthquake, and impact risks. Premium rate is dependent on the standard of risk management measures implemented in order to protect the property/produce.
Requirements include:
- Inventory of items to be insured
- Completion of our proposal form
- Physical inspection/pre-loss survey of the items to be insured
- Standard management and housekeeping of the items
Plantation Fire Insurance
This policy covers cocoa, sugar cane, oil palm and other plantation farms against loss or damage as a result of fire, lightning, flood, windstorm, and aircraft perils.The sum insured is based on the declared market value of the crops on maturity. Premium rate is dependent on the standard of risk management, biosecurity, size of the farm, and the type of crop(s) to be insured.
Requirements include:
- Completion of our proposal form
- Physical inspection/pre-loss survey of your farm
- Standard farm management and Good Agronomy Practice (GAP).
Multi-Perils Crop Insurance Policy
This policy insures your farm against loss of, or damage to, your crop caused by fire, lightning, explosion, aircraft damage, windstorm, flood and outbreak of uncontrollable pest and disease.The coverage provided by this policy will pay for the production costs of crops that have been lost or damaged during the period from planting up to the maturity of the crop.
Requirements include:
- Completion of our proposal form
- Physical inspection/pre-loss survey of your farm
- Standard farm management and Good Agronomy Practice (GAP).
Area Yield Index – Based Insurance Policy
Area Yield Index Insurance is an insurance policy that provides cover against drought, excessive rainfall, windstorm, frost, uncontrollable plant disease and pest, excessive heat wave, hail and flood. Under this policy class, farmers are grouped into assigned areas (e.g. local government areas, states within the same agro-ecological zones).
Requirements include:
- Risk Information Schedule, detailing: the name, location (address) of the farm, type of crop, number of hectares, sum insured (per hectare), size of each farm, farming period/planting calendar, farm gate price as validated by relevant agencies, expected guarantee yield level, and other relevant information
- Economies of Production (EOP)
- Standard farm management and Good Agronomy Practice (GAP) are required at all times.
- Five years of historical yield data.
Weather Index Insurance
This insurance product covers your farm against inadequate or excessive rainfall leading to crop loss. Claim payout is based on the realization of a specific weather parameter measured over a pre-specified period of time at a particular weather station. The insurance can be structured to protect against index realizations that are either so high or so low as to cause crop losses. For example, the insurance can be structured to protect the insured against too much or too little rainfall.
Requirements include:
- Risk Information Schedule, detailing: the name, location (address) of the farm,type of crop, number of hectares, sum insured (per hectare), size of each farm, farming period/planting calendar, farm gate price as validated by relevant agencies, expected guarantee yield level, and other relevant information
- Economies of Production (EOP)
- Standard farm management and Good Agronomy Practice (GAP) are required at all times.
- Five years of historical yield data.
Why Agric insurance?
An important benefit of buying agriculture insurance premiums is that farmers get peace of mind. Natural disasters are unpredictable since they can happen at any time. For those who have bought insurance premiums, they get peace of mind in that if anything happens to their investment, they are sure of compensation.