Not many farmers are fans of poultry insurance because they are yet to be caught up in unforeseen situations. Days ago, I informed a brother that has been in poultry farming that I plan to take a loan and start a poultry business. He said it's not advisable taking loans to start such a business because one may lose the animals to diseases. I told myself that this brother is still living in the stone age.
Bird flu has recently been reported for havocs wrought in France. This led to culling of 2000 birds and more 7000 birds planned for culling. The virus strain in question this time is the highly contagious H5N8 avian influenza virus. It can spread to Africa soon.
This is a time poultry farmers should consider signing up for poultry insurance. Industrial and General Insurance (IGI) has this kind of insurance to cover animal loss. 2.5% of total cost of day old, feeding, medications e.t.c. will be paid as premiums. In case of losses, the company will bear full responsibility for the loss.
What you need to know about poultry insurance with IGI
1. What are the objectives of IGI Agricultural Insurance?
The main objective of IGI Agricultural insurance is to mitigate the financial loss of farmers in the event of crop/livestock failure due to natural disasters such as flood, drought, windstorm, pests and diseases. Also there is the need to provide sound technical advisory services for farmers in order to minimise the risk of loss.
2. What are the benefits of IGI Agricultural Insurance?
Financial compensation in the event of loss
Stabilization of farmer’s income
Technical advisory services
Collateral security for loans
3. What Agricultural Insurance products does IGI offer?
Multi-peril Crop Insurance Policy
Poultry Insurance Policy
Livestock Insurance Policy
Fish Farm/Fishery Insurance Policy
Plantation Fire Insurance Policy
Farm All Risk Insurance Policy
4. What are the risks covered?
Loss of and damage to the crops due to fire, flood, drought, windstorm, lightening, pests and diseases.
Death of Livestock/Birds/Fish due to accident or diseases
5. How can I get my farm investment covered by IGI Agricultural Insurance policies?
Obtain the relevant proposal form by visiting any of the IGI offices nearest to you.
Complete the proposal form and return same to them.
Inspection of the farm by their team of experts.
Premium computed and paid by the farmer.
Policy cover issued to the farmer promptly.
Visit their website at www.iginigeria.com for online transaction.
6. How much would you pay for the insurance cover?
Poultry/Livestock/Fishery: 2.5% of the sum insured
Crops: 2.0% of the sum insured
Plantation: 1.5% of the sum insured
7. How will I calculate the sum insured?
Poultry: cost of day old, feeding, medications e.t.c.
Fishery: cost of fingerlings, feeding, and other inputs.
Livestock: cost of purchase, feeding and other inputs
Crop: cost of seeds, land clearing, chemicals and other inputs
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