AGRICULTURAL INSURANCE POLICY
Agricultural sector in Nigeria has become a cynosure with its consistent growth on a yearly basis. This is indicated in the annual GDP of the country. As at the end of the year 2019, agricultural sector’s contribution to the GDP has risen to 25% which makes it the highest contributor to the nation’s economy.
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.
Our Agricultural Insurance Policy is christened – ‘Farmers’ Comfort’. The policy is carefully designed to provide a relief to our customers in the event of eventuality. This is not only to ensure their continuity in the business but also protect their expected profitability.
Five products are currently available under our agricultural insurance policy and they are:
- Multi-Perils Crop Policy
- Poultry Policy
- Fishery Policy
- Livestock Policy
- Farm Properties and Produce Policy
Multi-perils Crop Insurance Policy
It covers loss of or damage to the crops during the physiological stage due to flood, fire, windstorm, diseases and pest, lightning, explosion and drought. Claims are paid based on the quantum of loss compared to the cost of production or production shortage from the guaranteed.
Livestock Insurance Policy
It covers all domestic and farm animals against mortality due to diseases, fire, flood, accident, lightning and windstorm. The sum insured is the maximum market value of the animal within the insurance period and the claim is paid based on the market value or pre-agreed value at the time of death. Transit Extension and African Swine Fever Extension are possible on payment of extra premium.
Poultry Farm Insurance Policy
The Policy covers all commercial birds against mortality as a result of preventable diseases, fire, flood, windstorm, lightning and accident. The insured value is always advised to be the maximum possible value of the birds within the insurance period. For example; layers at the point of lay and broilers at table size. The claim is paid based on the value of the birds as at the time of death. Avian Influenza extension is possible on payment of extra premium
Fishery and Fish Farm Insurance Policy
The policy covers mortality of the fish due to flood, diseases, fire, windstorm, accident and lightning. Mostly, the fish farms in Nigeria are off-shore, i.e. fish reared in earthen, concrete or plastic or polythene or tarpaulin ponds. The sum insured is determined by the value of fish at table size. Claims are paid based on the value at the time of loss.
The policy can be extended to pond’s collapse on payment of extra premium;
Farm Properties and Produce Insurance Policy
This Policy protects the Farm owner/policyholder against financial loss or damage to their farm buildings, machinery and equipment that may arise from fire, lightning, windstorm, floods, aerial devices/aircraft, burglary, impact, earthquake/volcanic eruption and malicious damage perils. Sum insured is generally based on either value of the produce at risk or real value of the equipment in market.