APA launches agricultural insurance cover

By Standard Reporter

Farmers have a reason to smile after APA Insurance unveiled its agricultural Insurance product range. Covering four key areas the firm launched products, dubbed Multiperil crop insurance, Index-based weather insurance, livestock insurance, and pet insurance.

"Agriculture largely contributes to the economy of our country and without proper cover, farmers are left exposed to the vagaries of the weather elements. APA is therefore proud to be able to offer such relevant products to the market" said Ashok Shah, Chief Executive Officer of APA insurance at the launch.

The livestock insurance will compensate farmers in case of accidental death, illness, outbreaks or emergency slaughter of domesticated animals. The insured animals will be fitted with a traceable device, which transmits a radio signal with a unique number that will be used to identify the animal at the time of a claim. To prevent interference, the device can only be retrieved by a qualified and approved vet once an animal has died.

The Index based Weather Insurance covers farmers whose crop production is affected by extreme weather conditions resulting in losses.

"To ensure transparency, weather measurements will be taken at reference automated weather stations monitored by the Meteorological Department," Shah added. He said the cover would make financiers more willing to offer credit because risk is diminished.

The multiperil cover compensates a crop farmer for money spent to plant the crop or loss of income should the harvest fall below agreed guaranteed yield.

The vet care cover provides compensation for death of insured pet as a result of either accidental death, illness or disease, widespread outbreak of infectious diseases or when the pet is in a great deal of pain and it has to be put to sleep.