Types of Agricultural Insurance

Types of Agricultural Insurance

Agricultural Insurance is an agreement that provides farmers with financial protection against production losses caused by natural causes. Insurance in agriculture are of various types based which are Multi-Perils Crop , Poultry , Fishery , Livestock, Farm Properties and Produce Policy and Multi-perils Crop Insurance .some known agricultural insurance companies are Leadway insurance

Types of Agricultural Insurance

Multi-perils Crop Insurance

This Types of Agricultural Insurance covers crop loss or damage caused by flood, fire, windstorm, diseases and pests, lightning, explosion, and drought during the physiological stage. damaged crops are reimbursed depending on the amount of loss relative to the cost of production or the percentage of output that falls short of the promised amount.

Livestock Insurance

It protects farm animals against unforeseen  circumstances+ such as  sickness, fire, flood, accident, lightning, and wind. The sum covered is the maximum market worth of the animal throughout the insurance period, and the claim is paid at the time of death based on the market value or pre-agreed value.

Poultry Farm Insurance

All commercial birds are protected under the policy against accidental, avoidable illness, fire, flood, wind, and lightning deaths. It is usually recommended that the insured value be the highest potential worth of the birds throughout the insurance term.  Based on the worth of the birds at the moment of death, the claim is paid. diseases such as   avian influenza is available for insurance  with the purchase of additional premium.

See also  Agricultural Insurance

Fishery and Fish Farm Insurance

This type of agricultural insurance covers fish deaths brought on by flood, illness, fire, windstorm, accident, and lightning. Fish are often raised in ponds made of concrete, soil, plastic, polythene, or tarpaulin in offshore fish farms in Nigeria. The worth of fish at table size determines the amount covered. According to the value at the time of the loss, claims are reimbursed.

The coverage may be extended to cover the collapse of a pond by paying an additional fee;

Farm Properties and Produce Insurance

The insurance covers fish deaths brought on by flood, illness, fire, windstorm, accident, and lightning. Fish are often raised in ponds made of concrete, soil, plastic, polythene, or tarpaulin in offshore fish farms in Nigeria. The worth of fish at table size determines the amount covered. According to the value at the time of the loss, claims are reimbursed.

The coverage may be extended to cover the collapse of a pond by paying an additional fee;

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