NEM Agric Insurance Policy is part of our company’s strategic initiatives targeted at meeting the needs of our esteemed customers and insuring public at large in agricultural businesses.
learn moreThe agricultural sector in Nigeria has garnered attention with its consistent yearly growth, as evidenced by the annual GDP of the country. By the end of 2019, the agricultural sector's contribution to the GDP had risen to 25%, making it the highest contributor to the nation's economy.
NEM Agric Insurance Policy is a key component of our company's strategic initiatives aimed at meeting the needs of our valued customers and the wider insuring public involved in agricultural businesses.
Our Agricultural Insurance Policy is named 'Farmers' Comfort.' This policy is meticulously crafted to offer relief to our customers in the event of unforeseen circumstances. Its purpose is not only to ensure their business continuity but also to safeguard their expected profitability.
Five products are currently available under our agricultural insurance policy and they are:
This policy covers the loss of or damage to crops during the physiological stage caused by flood, fire, windstorm, diseases and pests, lightning, explosion, and drought. Claims are settled based on the extent of loss compared to the cost of production or production shortage from the guaranteed amount.
It covers all domestic and farm animals against mortality resulting from diseases, fire, flood, accidents, lightning, and windstorm. The sum insured is the maximum market value of the animal within the insurance period, and claims are paid based on the market value or pre-agreed value at the time of death. Transit Extension and African Swine Fever Extension are possible with an additional premium.
This policy covers all commercial birds against mortality due to preventable diseases, fire, flood, windstorm, lightning, and accidents. The insured value is advised to be the maximum possible value of the birds within the insurance period (e.g., layers at the point of lay and broilers at table size). Claims are settled based on the value of the birds at the time of death. Avian Influenza extension is possible with an additional premium.
The policy covers the mortality of fish due to flood, diseases, fire, windstorm, accidents, and lightning. Typically, fish farms in Nigeria are offshore, and the sum insured is determined by the value of the fish at table size. Claims are settled based on the value at the time of loss.
The policy can be extended to cover pond collapse with an additional premium.
This policy protects the farm owner/policyholder against financial loss or damage to their farm buildings, machinery, and equipment arising from fire, lightning, windstorm, floods, aerial devices/aircraft, burglary, impact, earthquake/volcanic eruption, and malicious damage perils. The sum insured is generally based on either the value of the produce at risk or the real value of the equipment in the market.
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