Agriculture Insurance: Mitigating Risk in an Unpredictable Industry

Agriculture is a crucial sector of any economy and an essential livelihood source for millions of people. However, farming activities are fraught with risks that can lead to huge losses for farmers. That's why Sanlam General Insurance has designed the Agriculture Insurance Plan to protect farmers' investments and ensure they can continue providing food for the country.

The Agriculture Insurance Plan covers various agricultural investments, including poultry farms, fish farms, crop production, livestock production, farm machinery, equipment, and warehouses. It provides a myriad of coverage from loss from diseases, damages, and other associated risks

One of the unique offerings of the Agriculture Insurance Plan is Poultry Insurance, which protects poultry farms against death caused by disease, stampede, accident, windstorm, lightning, fire, and ant invasion. Another product, Livestock Insurance, covers the proposed livestock (cattle, sheep, goats, pigs, and rabbits) against death arising from disease or illness, fire and lightning, accident, storm, flood, and snakebite.

The Fishery/Fish Farm Insurance covers fish, accessories, and ponds against disease, pests, fire, theft, flood, and pond collapse. The Multi-Peril Crop Insurance covers crops such as maize, rice, cassava, yam, wheat, vegetable, sorghum, millet, groundnut, tree crops, and more, providing cover against physical loss or damage caused by fire, pests, disease, flood, lightning, windstorm damage, aircraft damage, and drought.

The Farm Property and Produce Insurance cover farm assets against loss or damage, such as warehouses, machinery, tractors, and agricultural produce caused by fire, burglary/housebreaking, windstorm, explosion, earthquake, flood, and aircraft. The Area Yield Index Insurance offers protection against named perils that could influence crop yield pre-determined at the inception of the cover. Weather Index Insurance is a simplified form of insurance that pays out based on values obtained from an index that serves as a proxy for losses.

Sanlam's Agriculture Insurance Plan has proven to be a vital tool for farmers in managing the risks associated with agricultural activities. To learn more about the Agriculture Insurance Plan and other options to get the coverage you need, contact Sanlam General Insurance today at general@sanlam.com.ng