With sporadic rain and rapidly changing climatic conditions, food security in the 21st century a major challenge. Technology has been developed to ensure that farmers are able to produce even under this unpredictable conditions, ranging from genetically enhanced seeds, drought resistant seeds, water management programs among others.
Despite these advancements, there is a need for farmers to insure their produce. At Royal Associates Insurance Brokers we have developed bespoke products like Multi-peril crop insurance to ensure that farmers are covered for any expected and unexpected loss on their produce.
What is covered?
Physical loss of or damage to growing crop directly caused by:
- Drought
- Uncontrollable pest and diseases.
- Hailstone damage.
- Flooding of the crop field.
- Fire and lightning.
- Malicious damage.
- Earthquake.
- Riot and strike.
- Explosion.
- Windstorm
The cover can be extended to include harvested yield whilst stored at the farm or any other place of temporary storage and in transit to any recognized buyer within the country.
Crops covered
Wheat, Barley, Oats, Rye corn, Triticale, Canary Seed, Millet, Panicum, Sorghum, Maize, and Rice among other monocotyledon crops.
Pea, Bean, Lentil, Vetch, Canola, Kale, Mustard, Lupin, Safflower, Sunflower and Linseed among other dicotyledon crops.
Basis of Cover
Sum Insured for any crop is based on production costs or pre-agreed nominated value of harvested crop.
Basis of Claim Settlement
- Yield short fall below guaranteed level as a result of listed perils insured.
- Claims are due for payment the end of a crop season unless there is total loss happening during the insured crop planting window.
How it works
The cover pays the farmer money spent on planting or loss of income should the harvest fall below the agreed guaranteed yield. The cover can be extended to include harvested crop stored at the farm or any other temporary storage and in transit to any recognised buyer within the county.
Why should every farmer have this protection?
- Guarantees that your investment is not lost should any of the above events occur
- Secures your income by making sure you get compensated
- Your bank will consider you a better customer to lend money knowing that their money will be repaid in all circumstances. You can use your policy as part of the collateral to the bank