Agriculture insurance protects farmers and agricultural businesses from losses caused by adverse weather, pests, diseases, and other risks impacting crops, livestock, or farming operations. It offers financial compensation to help farmers manage risks, maintain financial stability, and recover from unpredictable events
Requirements from farmers:
- Completed Proposal Form
- Filled veterinary health certificate (for livestock and poultry insurance)
- At least three (3) Years of Actual Production History
- Valuation Report (for tree plantation insurance)
- Adherence to good agricultural practices
- Good record keeping
Basis of claim settlement for agriculture insurance
Claims for agriculture insurance are settled based on the specific nature of the cover.
- For crop insurance, settlements are determined by yield loss (calculated as the difference between insured and actual yield) or adverse weather conditions recorded through weather data.
- Livestock insurance is settled based on the market value or sum insured of the animal at the time of loss, verified through veterinary health reports and post-mortem findings.
- Poultry insurance uses age-wise valuation or the pre-agreed sum insured, depending on the bird's development stage and verified cause of loss, such as disease or accidents.
- Tree plantation insurance, claims are settled based on valuation reports and assessed losses caused by risks like fire, pests, or adverse weather.
All claims undergo inspections, surveys, or data verification, and deductibles or policy exclusions are applied before final settlement.
