Insurance in agriculture
Practicing agriculture in a professional way requires substantial investments and in this regard, MAIB supports the efforts of its clients. A multitude of risk factors occurring unexpectedly can influence the harvest and the results for several years of work.
Insuring the agricultural producers’ goods aims at protecting the financial investments, in case of natural disasters or other damaging situations, being intended for legal entities, as well as for individuals.
Which objects (goods) can be insured by the insurance policy in agriculture?
The insurance policy in agriculture covers the following types of goods:
- The harvest of agricultural crops (wheat, barley, colza, sunflower, corn, potatoes, sugar-beet, soy, fruit, grapes etc.);
- Multiannual plantations (fruit-growing plantations, vineyards etc.);
- Domestic animals and birds;
- Agricultural equipment and implements.
The risks covered by the insurance in agriculture:
- Insurance of agricultural crops harvest covers the following risks: hail, heavy draught, torrential rain, fire, crops laid down to the ground, crops blowing, autumn early frost, winter frost, late spring frost, floods, locusts invasion.
- Insurance of the multiannual plantations covers the following risks: hail, winter frost, floods, locusts invasion.
- Insurance of domestic animals (birds) covers the following risks: extinction and forced scarification (including on the indication of the National Agency for Food Safety) because of all the illnesses, accidents, natural disasters.
- Insurance of the agricultural equipment and the agricultural implements covers the following risks: damages caused by traffic accidents, other accidents, fire, natural disasters (lightning strike, hail, torrential rain, floods, storms, earthquake, landslides, avalanche of snow, etc.), illegal actions of third parties, theft, robbery, burglary.
The advantages of the agricultural goods insurance:
- Insurance premiums subsidization by 50% for legal entities, which possess agricultural crops, multiannual plantations, domestic animals/birds.
- Flexibility in selecting insured risks: only one risk or several risks cumulatively can be insured for an attractive tariff.
- Possibility of paying the insurance premium in tranches: the insurance premium can be paid in two 50% tranches.
- The Insurer will take over the financial burden, paying the outstanding loan balance to the bank and will pay the Policyholder the amount remaining after paying off the debt obligations as a compensation.