Agric Insurance
Multi Peril Crop Insurance
This is applicable to individual farms
Cover: This is an indemnity cover for losses arising from flood, fire, uncontrollable pest & disease, windstorm and drought.
Exclusion: Herdsmen/animal invasion, opening of dam and consequential loss arising
from Government decision like lockdown. Fall army worm and drought are not covered
in dry season. (Please see the policy document for all the exclusions)
Requirement: Farm size & coordinate, soil suitability report, cropping calendar, proposal form, economics of production and complete KYC of the client.
Calculation of sum insured can either be based on cost of production or revenue approach
Pricing: Tentative rate 4-6% of Sum Insured
Weather Index Insurance:
This is suitable for cluster farming
Cover: This covers only weather related risks: excessive rainfall or drought
Calculation of sum insured could be based on either loan amount, cost of production or expected revenue
Pricing: This is flexible depending on the set triggers and what the client is ready to pay.
Where client offers to pay 3% of EOP as premium the trigger will be high while if the client pays 4% of EOP the trigger will be lower.
Basis risk: if there is a trigger on our platform we pay all within the geographical area but if there is actual loss on the field but it does not trigger on our platform, then there will be no payout.
Requirement: Farm size, coordinate, farmer’s data and complete KYC of the client.
Calculation of sum insured can either be based on cost of production or revenue approach.
Area Yield Index Insurance
Suitable where farmland is not contiguous and the farmers
are scattered in different areas.
Cover: Excessive rainfall, drought, uncontrollable pest and diseases, flood, windstorm, fire.
Requirements: 5-10years historical data of previous production, farm coordinate complete KYC of the client and farmer’s data. Guaranteed yield is set and there will be a crop cut exercise which determines payout
Exclusion: Herdsmen/animal invasion, opening of dam and consequential loss arising
from Government decision like lockdown. (Please see the policy document for all the
exclusions).
Pricing: This varies depending on the historical yield, guaranteed yield and exit level.
Tentative rate: 4%-7%
Hybrid Multi-Peril Crop Indemnity Index Insurance (HMII)
This is a combination of weather index and multi-peril crop insurance.
Cover: Excessive rainfall, drought, uncontrollable pest and diseases, flood, windstorm and fire.
Exclusion: Herdsmen/animal invasion, opening of dam and consequential loss arising
from Government decision like lockdown. Fall army worm and drought are not covered
in dry season. Please see the policy document for all the exclusions)
Requirement: Farm coordinates of the farms, farmers’ data, economics of production and complete KYC of the client.
Pricing: This varies depending on the historical yield, historical climatic patterns guaranteed yield and exit level. Tentative rate: 4%-7%.
Livestock Insurance
Cover: Death, disease, fire, windstorm, thunder and lightening
Exclusion: Theft & mysterious disappearance, temperature, hurling not covered except it is as a result of disease, new disease outbreak, death arising from missed vaccination, impotence and sterility. Please see the policy document for all the exclusions).
Requirement: Vaccination plan must be complied with and recorded; risk survey form
must be completed by a Vet Doctor, client to provide details of each category of animals which is used to draw an indemnity scale. All animals must be tagged and have date of birth. Completed KYC form.
Pricing: 3-5% of the sum insured depending of risk assessment report but the policy is usually for 12months.
Poultry Insurance
Cover: Death as a result of disease, fire, windstorm, thunder and lightning.
There is provision for normal mortality rate which has no payout and 2 weeks waiting period after birds are supplied before cover starts.
Exclusion: Influenza not covered except under special arrangement (Please see the policy document for all the exclusions).
Requirements: Completed proposal form, completed KYC form of the client plus pictures of the farm and stocking must be within normal stocking density.
Pricing: 3-5% depending of report of risk assessment
Aquaculture
Cover: Covers both ponds and the fish but there is flexibility to insure only the fish.
5-10% tolerable mortality rate which has no payout.
Exclusion: Theft or mysterious disappearance of fish, Pollution, poisoning etc (Please see the policy document for all the exclusions).
Requirement: Provide capacity ond, total number of stock which must not exceed stocking density specification, Completed proposal form, completed KYC form of the client.
Pricing: Tentative rate 4-5% depending on risk assessment repor
Livestock Index Insurance
This is a parametric insurance designed to provide protection to farmers against adverse weather conditions such as high temperature resulting to heat stress in animal, High humidity, drought using NDVI etc. it can be designed for livestock farmers and poultry farmers especially for pastoralist.
Exclusion: Non weather perils such as fire, theft, pollution etc
Requirement: Farm coordinates, stock capacity and values.
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