- Your poultry growing facilities, laying houses, egg harvesting facilities, and service buildings will all be protected.
- Coverage for your ventilation and other poultry house equipment in the event of a failure.
What are the benefits of poultry insurance?
The coverage will cover the death of birds as a result of an accident (including fire, lightning, flood, cyclone, strike, riot, civil unrest, and terrorism) or diseases contracted or occuring during the insurance period.
Can you insure poultry?
Most insurance cover “standard risks” such as fire, flood, burst pipes, falling trees, and theft. However, when it comes to the chicken sector, these are far too narrow to provide effective protection.
Risks vary according on the kind of production layers, broilers, or turkeys but the following additional risks are usually taken into account:
Although the insurance market for poultry hazards is small, most insurers will gladly provide coverage.
Disease
Some insurers are also ready to go a step farther and offer plans that cover “all risks of mortality.” This encompasses the death of the birds, in addition to natural crop mortality, as well as the financial losses that result.
Most insurance exclude notifiable diseases like avian influenza (AI) and Newcastle disease (ND), although if the firm thinks this to be important, some coverage can typically be added.
The dangers to consider here include the possibility that the government will only compensate healthy birds that must be slaughtered.
The company will also have to bear the costs of cleaning the site to the relevant authority’s standards, which can be rather high.
There are also broader considerations. Many packing stations are located on or near poultry farms, putting the firm at risk of being shut down if it falls within a 10-kilometer restricted zone.
Farms may be located close to processing facilities, which creates similar concerns with broiler production. The danger this poses is often missed, owing to a lack of understanding of how an outbreak will be handled and the impact it will have.
However, no insurer is willing or able to underwrite large-scale AI coverage that would adequately protect firms in the event of a severe epidemic. As a result, an industry-funded solution appears to be more feasible, with the insurance sector possibly providing some reinsurance support.
This would provide some compensation to firms who are harmed indirectly by an outbreak but are unable to seek government assistance.
Salmonella in broilers
Salmonella is a major concern right now, with some processors refusing to take broilers that have tested positive.
Because a conventional policy will not respond to volunteer bird slaughter, it is critical to double-check what protections are in place.
A flock of 200,000 birds could be worth over £500,000 in financial terms, and if these birds are not accepted by the processor, the grower will be in a very bad situation.
- If the birds do test positive, check with your processor about their current approach.
- Check who owns the birds contractually and is thus responsible for the costs of chicks, feed, and disposal.
- Check with your broker or insurer to see if you have the necessary coverage to butcher the birds.
The situation in the broiler industry resembles what occurred in the egg industry when the National Control Program was implemented in January 2009.
Commercial laying eggs from salmonella-positive chickens had to be heat-treated before entering the food chain, which was prohibitively expensive.
Insurers came up with a new solution, issuing a coverage that would cover the loss of income caused by the slaughter of the birds.
What is covered by farm insurance?
Farm and ranch insurance is a type of coverage that covers both your personal and business needs. Farm insurance, like a typical homeowners policy, will protect your property, belongings, and personal responsibility. Aside from that, it also covers your machinery and livestock (though not for your crops).
What is animal and poultry insurance?
When a flock of chickens dies, the farmer loses money and the rearing program is disrupted. If the loss surpasses a certain threshold, poultry insurance rewards the farmers so that they can entirely control the loss.
Which of the following documents are required in poultry insurance claims?
a) A Veterinary Certificate from a licensed veterinarian or the Insured’s Consultant Veterinarian is required. b) In the event of layer farms with more than 5000 birds, the farm should be inspected by the company’s veterinarian.
Policyholder:
The policyholder is the person who offers and pays the premium for the life insurance policy (see #7 Premium). The policyholder is the policy’s owner, and the life assured (see # 2 Life assured) may or may not be the policyholder.
Life assured:
The insured person is the life assured. The person for whom a life insurance policy is acquired to cover the risk of an untimely death is known as the life assured. The family’s breadwinner is, first and foremost, the family’s lifeline.
The policyholder may or may not be the life assured. For example, a spouse might purchase a life insurance policy for his wife. Because the woman is a stay-at-home mom, the husband pays the premium, making him the policyholder and the wife the life assured.
Sum assured (coverage):
When purchasing a life insurance policy, the financial loss that may occur due to the death of the life assured is typically chosen as a life cover. ‘Sum Assured,’ in technical words, is an amount that the insurer promises to pay in the case of the insured person’s death or the occurrence of any other covered event.
When comparing policies online, purchasing a life insurance plan, and reading the policy papers, you may come across the term’sum assured.’ If the insured individual dies during the policy term (see #5 Policy tenure), the life insurance company will pay the sum assured to the nominee (see #4 Nominee).
Nominee:
The ‘nominee’ is the person (legal heir) named by the policyholder to whom the life insurance company will pay the sum assured and additional benefits in the event of an unfortunate occurrence. The nominee could be the policyholder’s wife, child, parents, or other family members. If the life assured dies during the policy term (see #5 Policy tenure), the nominee must file a claim for life insurance.
Policy tenure:
The ‘policy tenure’ refers to how long the policy will offer life insurance coverage for. Depending on the type of life insurance plan and its terms and circumstances, the policy duration might range from one year to 100 years or whole life. It’s also known as policy term or policy length in some cases.
The policy duration determines how long the firm will cover the risk. Whole life insurance plans, on the other hand, provide life coverage for as long as the life assured is alive.
Maturity age:
The age at which the insurance finishes or terminates is referred to as the maturity age of the life assured. This is a different way of expressing how long the plan will be in effect than policy tenure. In essence, the life insurance firm specifies the maximum age at which the life insurance coverage will be granted to the person insured up front. For example, if you’re 30 years old, you might choose a term plan with a 65-year maturity age. That implies the policy will cover you until you are 65 years old, which means a 30-year-old can have a policy for up to 35 years.
Premium:
The premium is the amount you pay each month to keep your life insurance policy current and covered. The insurance will terminate if you are unable to pay the premium before the payment due date or even during the grace period (#13 Grace period).
Regular payment, limited payment term, and single payment (described below #8 Premium payment mode) are all choices for paying the premium.
Premium payment term/mode/ frequency:
Regular Premium Payment – You can pay premiums on a monthly, quarterly, half-yearly, or yearly basis throughout the insurance term. Premium Payment for a Limited Time – You can select to pay the premiums for a set period of time. This option allows you to pay for a specific number of years rather than the entire insurance term. For instance, ten years, fifteen years, twenty years, and so on.
Single Premium Payment – You have the option of paying the premium in one lump payment for the whole period of the plan.
Riders:
Riders are a paid-for provision that extends the coverage of a basic life insurance policy. Riders can be purchased at the time of purchase or on the anniversary of the policy. Riders of various varieties can be purchased in addition to the standard design. The quantity and type of riders, however, will vary by insurer.
Furthermore, the terms and conditions of one insurance policy may differ from another. Here is a list of some well-known riders that life insurance companies offer.
Death Benefit:
When you’re looking to buy a life insurance plan or researching different insurance plans online, the term ‘Death Benefit’ will come up frequently.
The ‘Death Benefit’ is the amount paid to the nominee by the life insurance company if the life guaranteed dies within the policy’s term.
Don’t be perplexed if you’re wondering if the sum assured and death benefit are the same thing. Because the death benefit can be as much as the sum assured or even more, depending on the rider benefit (if applicable) and/or other advantages. Except in the case of term insurance, where no bonus or guaranteed additions are accrued.
Survival/Maturity Benefit:
When the life assured outlives the policy’s term, the life insurance company pays a maturity bonus. When the life guaranteed has lived for the predetermined number of years specified in the policy, a survival bonus is paid.
Term plans provide no benefit in terms of survival or maturity. Other life insurance policies, on the other hand, may include a survival bonus or a maturity benefit.
Free-look Period:
It applies to all newly purchased life insurance policies. A free-look period is a period of time during which you can decide whether or not you want to keep your purchased insurance.
You have the option to return the policy during the Free-look period if you are not satisfied with the terms and conditions. After deducting the costs of the medical examination, stamp duty, and other fees, the insurance provider will reimburse the remaining payment. The free-look period in life insurance is 15 or 30 days after obtaining the policy document, according to the IRDA.
Grace Period:
If you are unable to pay your policy’s renewal premium on time, your life insurance company will grant you an extension in the number of days following the premium payment due date. In the event of monthly premium payment, a ‘Grace Period’ can last 15 days, and in the case of annual premium payment, it can last 30 days.
The insurance will lapse if the policyholder does not pay the premiums before the grace period expires.
Surrender Value:
The life insurance company pays the policyholder an amount called Surrender Value if the policyholder decides to cancel the plan before the maturity age.
However, whether a plan gives any surrender value or not, you must study the terms and conditions carefully. And, if a surrender value exists, how much will it be? Surrender value is not available in all life insurance policies.
Paid-up Value:
Insurance firms will provide the policyholder the opportunity to convert his policy into a reduced paid-up policy if the policyholder fails to pay the payment after a certain length of time. The sum covered is reduced in proportion to the number of premiums paid under this option. If there are any further advantages associated to the sum insured, they will now be related to the decreased sum insured, which is the paid-up value.
Revival Period:
The insurance will lapse if the policyholder does not pay the premium during the grace period.
If the policyholder still wants to keep the coverage, the insurance company offers the option of reactivating the lapsed policy. This must be completed within a certain amount of time after the grace period has expired. A revival period is the name given to this time period. The life insurance firm will submit the request to the team of Underwriters (see #17 Underwriters) for approval in order to reinstate the lapsed policy.
Underwriters:
Insurance underwriters assess the risk involved. The risk evaluation process begins prior to the issue of an insurance policy and concludes with the settlement of a claim (see #20 Claim Process).
The insurance is only issued to the policyholder with the permission of the underwriters. The corporation pays the claim benefit to the nominee only after receiving clearance from the Underwriter.
Tax benefits:
All premiums paid for a life insurance policy are deductible under Section 80 (C) of the Income Tax Act of 1961. The maximum amount of deductible that can be claimed is Rs.1.5 lakh.
Under Section 10 (10D) of the Income Tax Act of 1961, the benefits provided to the policyholder/nominee are tax-free.
Exclusions:
Read the ‘Exclusions’ carefully before purchasing any life insurance. These are items that are not covered by a life insurance policy and for which the insurance company would not pay a payout if a claim is made.
Which of the following are not covered under horticulture crops insurance?
EXCLUSIONS: Risks and losses arising from the following perils are excluded: war and related perils, nuclear risks, riots, malicious damage, theft, act of enmity, grazed and/or destroyed by domestic and/or wild animals, grazed and/or destroyed by domestic and/or wild animals, grazed and/or destroyed by domestic and/or wild animals, grazed and/or destroyed by domestic and/or wild animals, grazed Before threshing, the harvested crop is packed and stacked at a location in case of postharvest losses.
Can birds be insured?
- Customized plans For pets such as dogs, cats, and birds, customized pet insurance plans are available.
- IRDA-approved pet insurance plans IRDA has authorized the pet insurance plans (Insurance Regulatory and Development Authority). This plan covers a variety of pet insurance plans, including cow insurance, dog insurance, horse insurance, cat insurance, and so on.
- Sum Assured – For pet insurance products such as dog insurance, the sum assured typically varies from Rs. 15,000 to Rs. 30,000. This is dependent on the breed as well as other considerations.
- Add-On Coverage Some insurance companies (for example, Future Generali) give add-on coverage for the base policy, such as loss of show admission fees. This coverage is provided in the event that a pet’s entry fee for a dog show is forfeited due to an injury or illness.
- Third-Party Liability Coverage Some pet insurance policies include coverage for third-party liability in the event that your pet bites or assaults a third-party or damages third-party property.
- Lifetime coverage, time-limited coverage, and money-limit coverage are the three categories of pet insurance coverage. The pet and its owners are protected for the rest of their lives against any critical or long-term sickness. This includes eczema, arthritis, and other skin conditions. A policyholder who chooses a lifetime pet insurance coverage will be reimbursed a set sum each year for pet treatment. After a pet has developed a disease or been injured, a time limited pet insurance coverage provides financial protection for a specific amount of time. Money-limit coverage provides financial assistance to pet owners in meeting their pets’ medical bills. This policy has no expiration date and can be utilized until the money maximum is met.
- Premium In India, the premium for a pet insurance policy is usually between 3% and 5% of the sum assured.
What is third party insurance?
According to the Motor Vehicle Act, third-party insurance, often known as “act-only” insurance, is a legal necessity for all vehicle owners. It is a form of insurance policy that protects the insured against damage to a third-party vehicle, personal property, and bodily injury. The insurance company is not covered under the policy.