Old Mutual has announced that its product Agrisure is tailored for the requirements of a commercial farming operations.
The company said the product was crafted on realizing the difficulties in managing agricultural risks and the effects unanticipated occurrences may have on the long-term viability of an agricultural producer’s enterprise.
“Agrisure provides a comprehensive risk management programme that is tailored to the requirements of each farmer,” said Gert Grobler, General Manager – Commercial Lines, Old Mutual Short-Term Insurance.
Grobler said that this includes machinery breakdown and offers a fast-track claims services to reduce downtime to the absolute minimum.
The product comes after Old Mutual has over the previous five years noted that the agriculture sector’s (fishing excluded) share of the nation’s gross domestic product (GDP) has been little over four percent and agricultural output is divided roughly in two thirds by the raising of livestock and one third by the cultivation of crops and forestry.
Under the product, guesthouses, accommodation and lodging that usually have additional cover are automatically included.
“With Agrisure you have one product, one document, and one premium for all your short-term agricultural insurance needs. With this extended risk cover, Agrisure offers the farmer total peace of mind and cover at affordable premiums.”
Agriculture sector insurance has become an important component, as the sector provides a source of income, food security, foreign earnings, and raw material to the manufacturing sector, the sector continues to be an important engine at household level as well as for the rest of the economy.