Agricultural Insurance
INTRODUCTION
Prestige Assurance Plc launched Agricultural Insurance products in the year 2019 subsequent to the National Insurance Commission (NAICOM) approval in 2018. The aim of Agriculture Insurance is the protection of Nigerian farmers against the effects of natural hazards through the operation of a mechanism that ensures an indemnity by way of compensation sufficient to keep these farmers in business after suffering a loss.
OUR OBJECTIVE:
To provide insurance coverage and financial support to the farmers in the event of natural calamities, pests and diseases.
Return farmers to business in record time after an unforeseen disaster by stabilizing farm incomes, particularly in disaster years.
To encourage the farmers to adopt progressive farming practices and higher technology at any phase of the farming.
Encouraging the provision of credit by financial institutions to investments in agriculture to ensure sustainable growth.
RISKS COVERED
Losses due to non-preventable risks, viz: Natural Fire and Lightning, Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Landslide, Drought, Dry spells, fish pond collapses due to fire outbreak or any other cause.
Death, Pests/Diseases or invasion of farm by wild animal etc.
Losses arising out of war and nuclear risks, malicious damage and other preventable risks shall be excluded.
OUR PRODUCT RANGE:
Prestige Crop Insurance
Prestige Poultry Insurance
Prestige Fishery Insurance
PRESTIGE CROP INSURANCE
This insurance covers crops such as: Maize, Rice, Cowpea, Soybeans, Millet, Yam, Cassava, vegetables, Irish potato, Sweet potato, melon, groundnut, coco yam, and especially of annual or short / medium term gestation period but not including TREE CROPS (mostly cash crops) all of which are hybrid and cross-bred. The Policy covers percentage and total loss of farmer’s expenditure.
PRESTIGE POULTRY INSURANCE
This policy covers poultry birds which includes (a) layers (b) broilers (c) breeders (parent stock & grandparent stock) (d) cockerel (e) turkey (f) quail all of which are exotic and cross-bred. Indigenous and non-descript birds shall not be insured. This policy covers total loss and in case the percentage loss at any particular stage, it must be above the allowed minimum mortality loss of 10% for the poultry type.
PRESTIGE FISHERY INSURANCE
This insurance covers all kinds of fish reared in fish farms through earthen ponds, tanks, concretes and fibers but not applicable to Brackish-water and Marine Fisheries. The coverage of this policy is on total loss and in case the percentage of loss at any particular stage is equal to or exceeds 80% of the total population of fish in pond it is treated as total loss.
BENEFITS:
Premium subsidy on renewal is reduced by 5% – 10% after a claim free farming cycle (usually after 12 months).
Guarantee continuity in business immediately after a loss through our prompt response and claims payment which is our hallmark.
Provision of Customized Insurance products tailor-made to suit your specific needs.
Geographical Spread as the product is easily accessible through any of our Branch offices across the Federation.
Assured documentary support leverage to accessing loan and grants.
Free technical assistance and farm advisory services from our Agricultural Insurance Help Desk.
PREMIUM
The premium payable on total sum insured depends on the risk involved. The Premium rate is calculated based on technical factors including but not limited to: farm loss history, due diligence, updating record on our IT platform and professionalism.
Premium payment is a condition precedent to the commencement of the insurance contract in accordance with the NAICOM directive of ‘No premium No Cover’.
CLAIMS
We are poised to prompt claims settlement to enable customers subscribe to our services. Upon the occurrence of any event giving rise to a claim under this Policy, the insured must immediately give notice within 24 hours to the Company. Our claim forms are available online for easy access.
Where applicable, professional report must be presented to support claims.
The loss shall be assessed on the basis of the cost of production at the time of disaster which is worked out on the agreed sum insured on the farm.
For further enquiry, send a mail to agriculture@prestigeassuranceplc.com
