Why Farmers Should Purchase Livestock Insurance


Why Farmers Should Purchase Livestock Insurance

Cattle and livestock are very valuable assets for the farmers. Farmers maintain the health of their animals by preventive vaccinations, proper treatments, feeding nutritious food and giving hygienic conditions of stabling. However there is still a possibility of death or disablement of cattle or livestock due to diseases and accidents. Cattle and livestock insurance helps protect the farmers from their financial loss due to loss of their animal.

Advantage -

This insurance is typically used to cover domesticated animals such as cattle, sheep, pigs, and horses. However, it may also be used to insure more exotic creatures like bison, llamas, and alpacas.

This policy covers the animal against death due to disease or accident (including fire, lightning, flood, cyclone, strike, riot and civil commotion), contracted or occurring during the period of insurance.

Animals that can be covered : Cows, buffaloes, bullocks, camels, sheep, goats, horses, ponies and mules.

Valuation & sum insured : Identification and valuation will be as per the veterinary certificate and or declaration of the purchase committee. Ear-tags will be supplied by the company.

Benefit limits : Claims will be settled for the sum insured or market value prior to illness, whichever is less.

Premium : Livestock Shield offers this cover at an affordable premium of 4% per annum on the sum insured.

Cattle Insurance policy is usually given for a period of 12 months or for a long term of 3 to 5 years as per term of loan.


 

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