Crop insurance can be a great way to manage some of the financial risks for farmers.
Understanding the variety of cover available from a range of insurers with different areas of specialty can be complex and time-consuming.
The distinction between pre-harvest cover and post-harvest declaration cover is crucial for farmers to understand to ensure adequate coverage and compliance with insurance policies.
What Does Crop Insurance Cover?
Crop Insurance is designed to help farmers manage the financial impact of certain types of risks, including:
- Hail
- Fire
- Chemical overspray
- Harvested crop, grain or hay; and
- Damage by livestock
What type of Crops can be covered?
- Cotton
- Plantation
- Broadleaf
- Horticulture; and
- Viticulture
Key considerations
- Risk Assessment: Insurance providers use pre-harvest data to assess the risk and determine premiums.
- Estimation Accuracy: Farmers must provide an estimate of their expected yield, which can be challenging due to variable factors like weather and pests.
- Early Coverage: This declaration secures coverage early in the growing season, offering protection against pre-harvest losses such as drought, floods, or infestations.
Crop insurance is a great way of managing the financial risks of farming and can be tailored to meet your needs. It’s best to speak to your insurance adviser to discuss your needs and financial goals so the right cover and options can be put into place.
Make a time that suits you and make sure you are covered.
Call: 02 8935 1111
Email: concierge@thelagroup.com.au
