Agriculture Insurance is the arrangement whereby farmers are provided protection against the effects of natural hazards along with ensuring appropriate compensation sufficient to keep the insured farmers in business.
The interests covered currently by Anchor Agriculture Insurance comprise the following:
a) Crop Indemnity/Cost of Production insurance cover-(Maize, rice, cassava, cocoa, rubber, oil palm, coconut, cashew, Pineapple, vegetables etc.)
b) Livestock Insurance Cover- (Cattle, Goats, Pigs, Dogs, Horses, Donkeys, etc.)
c) Poultry Insurance Cover– (Broilers, Layers, Cockerels, Noilers, Turkeys, Ducks, etc)
d) Fishery Insurance Cover– (Cat Fish, Tilapia, etc)
e) Tangible Fixed assets e.g. farm building, machinery and equipment, motor vehicles.
f) Zoo, animal and pet
g) Farm Produce In Transit Insurance and Warehousing
h) Area Yield Index Crop Insurance (provide cover for the yields of crops in an area against the perils of: windstorm, frost, excessive rainfall, heat wave, hail, flood, drought, pest and diseases). With this type of cover, an indemnity is paid if the realized average yield for the area is less than the insured yield.
Perils under cover
The perils covered under the Crop sub-sector are fire, lightening, windstorm, flood, drought, pests and diseases, Aircraft damage. Under Livestock/Poultry cover, the perils covered are death and injury due to accident, disease, fire, lightening, storm and flood. The cover for Fisheries includes death due to disease and collapse of dams (ponds).
Losses caused by negligence or by willful damage are not covered. Similarly, political risk and losses resulting from social risk e.g. riot; mutiny, revolution, etc, are not covered. It must further be noted that our Agriculture Insurance does not cover the money invested by the public but the likely losses the farmer stands to incur owing to the earlier listed perils.