WEATHER RISK INSURANCE
HAIL - EXCESS HEAT - DROUGHT - WINDSTORM - LOW TEMPERATURE - EXCESS RAIN
TRADITIONAL INSURANCE HAIL
Hail insurance, which appeared in the early 19th century, is the oldest form of crop insurance. While the probability of occurrence of a hail event is rather low, the severity is very high as hail events could destroy up to 100% of the value of a plantation in a few minutes.
As a traditional insurance product, the indemnity of a hail insurance contract is determined by a claim report established by a claim adjuster after visiting the damaged area.
In case the traditional hail insurance would not be available or would not be adequate, it would be possible, for large growers or for growers union, to set up a non traditional hail insurance contract, with automatic payout based on connected weather sensors.
PARAMETRIC INSURANCE EXCESS HEAT AND OTHER PERILS
Parametric insurance provide you with new tools to protect against weather risks, to be used as stand alone insurance or as a complement of a traditional insurance contract.
Key strengths :
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Payout automatically triggered, without on-site claim adjustment process
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Possibility to insure only part of the crops and part of the surfaces
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Suited to conventional as well as to organic farming
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Cover can be purchased up to 15 days before the start of the risk period
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Very attractive pricing for large deals (competition between several insurance companies)
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Personalized and expert insurance advice to fine tune the parameters of the cover and to get a good understanding of the payout mechanism.
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Possibility to get subsidy from the EU in the case of group insurance contract set up by growers union (operational programmes)
PARAMETRIC INSURANCE
WEATHER / EXCESS HEAT
Excess heat can also cause significant damage, especially when it occurs in a situation of prolonged drought. Thanks to the excess heat cover, it is possible to automatically trigger compensation when temperatures rise above certain critical thresholds.
PARAMETRIC INSURANCE
WEATHER / STRONG WIND
Strong winds can drop fruits and damage trees resulting in significant financial losses for growers. Thanks to the strong wind cover, it is possible to automatically trigger compensation when wind speed exceeds certain critical thresholds.
PARAMETRIC INSURANCE
WEATHER / EXCESS RAIN
Avocado has a big need for water but it is also very sensitive to excess irrigation and heavy rainfall. Indeed, excess rainfall favors diseases such as phytophtora (especially at flowering stage). Moreover, avocado has a shallow root system and can not withstand wet soil. Thanks to excess rain cover, it is possible to automatically trigger compensation when the deviation of cumulative rainfall from normal level falls below certain critical thresholds.
PARAMETRIC INSURANCE
WEATHER / DROUGHT
Prolonged rainfall deficit associated with irrigation restrictions can cause extensive damage to trees, including die back. Thanks to drought cover, it is possible to automatically trigger compensation when the variation in cumulative rainfall from normal falls below certain critical thresholds.
PARAMETRIC INSURANCE
WEATHER / COLD
Late frost as the ones that occur in spring 2017 can cause young shoots to burn making trees unsuitable for sale. To compensate for financial losses, a spring frost cover can be put in place, so as to automatically trigger compensation if the temperature drops below certain pre-defined thresholds.