Crop Insurance for Australian Farmers
Many years ago, it was said that Australia was built off the back of sheep and a good wheat crop. Life has changed since then, but Primary Industry is still a vital cornerstone of both the Australia way of life and also our economy.
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.
As a licensed General Insurance Brokerage, Business Insurance Specialists can provide crop insurance options for your consideration.
Crop insurance can be provided depending on the crop type, for various risks including
- Fire
- Hail
- Rain
- Frost
The various types of products that can be considered for farmers taking into account your risk profile are.
1. Fire and Hail
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
- Frost
- Too much rain
- Wind (Cyclone)
The types of crops to consider taking insurance for include:
- Broadacre (cereals, grains, legumes, oilseeds)
- Industrial crops (cotton, 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 Business Insurance Specialists today, for a no-obligation discussion and quotation on your Crop Insurance.