WEATHER RISK INSURANCE
HAIL - SPRING FROST - DROUGHT - WINDSTORM -EXCESS HEAT
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.
For Christmas tree plantations as for nurseries, it is not necessary to get all the surface insured and the growers could decide which plot they want to insure.
In case the traditional hail insurance product 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 FROST 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 :
Payout automatically triggered, without on-site claim adjustment process
Possibility to insure only part of the crops and part of the surfaces
Suited to conventional as well as to organic farming
Cover can be purchased up to 15 days before the start of the risk period
Very attractive pricing for large deals (competition between several insurance companies)
Personalized and expert insurance advice to fine tune the parameters of the cover and to get a good understanding of the payout mechanism.
Possibility to get subsidy from the UE in the case of group insurance contract set up by growers union (operational programmes)
WEATHER / FROST
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.
WEATHER / DROUGHT
Drought can cause extensive damage to trees, including dieback. Thanks to drought cover, it is possible to automatically trigger compensation when the variation in cumulative rainfall from normal falls below certain critical thresholds.
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.