Crop Insurance
The main principle of this insurance is to compensate for losses due to decline in crop yields. This is an all risks insurance, including natural effects, climatic conditions, pests, diseases, fire, etc.
Insurance Cover
Benefits
Recommended for
covered risks – all risks insurance: natural forces, climatic conditions, pests, diseases, fire;
non-insured events include war, terrorism or the environmental impact of nuclear energy;
the amount of cover is determined by the crop area planted, the anticipated yield and the selling price (product of the units);
the insurance benefit is paid due to the poor crop yields, if the difference between the average of several years regional yield index and the average of the same region in a particular year is determined. The region is considered to be the relevant county or municipality;
claim settlement is simple and smooth. The actual condition of the crop is not verified, whereas damaged areas are determined, etc.
all risks insurance coverage;
only the damages caused by war, terrorism or the impact of nuclear energy are not covered;
it is simple to conclude an insurance contract – it is sufficient to provide information on the type of crops grown, region and anticipated yield;
a simple and clear procedure for an action for damages – a statement of the Department of Statistics is sufficient to determine the loss;
the insurance benefit is paid immediately after the difference between the average of several years regional yield index and the average of the same region in a particular year is determined. The region is considered to be the relevant county or municipality.
major agricultural companies where an area of insured crops is found to be approximately 15 000 hectares.
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