Crop Insurance for Australian farmers
After investing months of time preparing and growing your planted crop, all it could take is one severe hailstorm or fire to have a disastrous effect on the crop and your business.
In order to protect Australian farmers from the inherent risks associated with growing crops, the insurance industry has over the years evolved to provide a range of options relating to the insurance of crops.
At All Star, we have the expertise to source and negotiate competitive insurance solutions that help cover the lifecycle of the crop against such risks, including other crop specific risks..
Crop insurance can be provided depending on the crop type, for various risks including:
The various types of products that can be considered for farmers taking into account your risk profile are:
1. Fire and Hail
The most common type of cover, it covers your loss of yield following a loss caused by an insured peril or natural disaster.
2. Multi-Peril Crop Insurance (MPCI)
The most complex of the different types of Crop insurance available. This generally covers farmers for loss of yield and/or farm revenue loss.
3. Single Peril Weather insurance, also known as Weather Parametric insurance
Based on over an agreed period, farmers can obtain insurance coverage for:
- Lack of Rain
- Too much rain
- Wind (Cyclone)
The types of crops to consider taking insurance for include:
- Broadacre (cereals, grains, legumes, oilseeds, cotton)
- Industrial crops (vegetables, sugarcane)
- Viticulture (wine, table and dried grapes)
- Orchard crops (fruit, nuts, olives)
No-one knows the future. Rather than waiting or hoping for divine intervention, consider taking crop insurance, to put destiny back in your hands. Contact All Star Brokers today for a no-obligation discussion and quotation on your Crop Insurance.
A product disclosure statement (PDS) is available from us. You should consider the PDS in deciding whether to acquire, or continue to hold, business insurance.
For professional advice on Business Insurance placement solutions, please contact All Star Brokers.
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