Agriculture is characterised by a high level of risk. It is influenced by various seasonal conditions, the effects of which are almost impossible to control.
Agricultural insurance provides partial or full compensation for crop losses due to unexpected weather conditions, fire or other events.
There are several approaches that can mitigate the impact of risks.
These approaches can be divided into two groups:
- actions and tools that the farmer uses to prevent or minimise risks. In this case, the farmer controls them independently.
- strategies of risk transfer from the farmer to the insurer.
Insurance is the most popular strategy of comprehensive or partial risk transfer.
Benefits of Crop and Livestock Insurance
- in the event of a partial or total loss of a crop, you will be able to compensate for your losses through insurance claim payments;
- agricultural insurance is relatively inexpensive compared to other risk control methods;
- compensation for losses will allow you to settle with partners or suppliers in a timely manner;
- agricultural insurance stimulates the use of modern technologies and reliable crop protection tools;
- in the event of an insured event occurrence, agricultural insurance allows returning credit funds at the expense of insurance claim payments.
Agricultural Risk Insurance
Potential risks faced by agricultural enterprises which may be included in the insurance policy:
- hurricane, hail, storm, flurry, blizzard, tornado;
- fire, lightning strike;
- rainfall, inundation, flash flooding and flooding, excessive rainfall, evaporation;
- landslide, avalanche, earthflow, water and earth mudflow, dust storms, drought, dry winds, soil crust;
- dehydration on lands subject to forced irrigation;
- development of plant diseases or plant pests;
- secondary plant diseases due to the above risks;
- illegal acts by a third party in relation to crops.
Agricultural Insurance compensates for unexpected crop losses.
What can be insured?
- agricultural machinery;
Benefits of working with a broker
- Lower crop insurance costs;
- Monitoring compliance of insurance programs with requested coverage and price;
- Assistance in the negotiation process regarding the settlement of losses;
- Analysis of loss statistics;
- Control over the placement of risks in reinsurance.
Agricultural insurance is one of the critical elements of agribusiness
To get detailed information, please contact our company's experts or leave a request for a callback.