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Agricultural Insurance

 

Goldstar is part of The Agro Consortium, that currently consists of Ten (10) Insurance Companies offering Agriculture insurance covering crop and livestock risks.

  1. Standardize premium rate cover for crop and livestock covered under the national scheme. Premium rates before subsidy ranged between 6-7%, but is now averaging 5% after the Government subsidy.
  2. Standardize procedure for approval & settlement of subsidy & farmer claims.
  3. Ensure that the same insurance products, terms and conditions are provided to participating farmers and all claims are settled in accordance with agreed and standard practices.
  4. Consolidate technical and financial capacity essential to developing suitable products.
  5. To ensure a cost-effective approach to product development, policy and claims handling.
What’s covered
Indemnity against physical loss or damage to growing crops directly by uncontrollable pests and diseases, drought, Fire, Lightening, Malicious damage, Earth quake, Riot and strikes, Explosion and Windstorms

 

Basis of cover

Sum insured for the crop is based on production costs or pre-agreed nominated value of the harvested crop based on the Long Term Average Yield (LTAY)

  • Planted Area (ha) x Long Term Average Yield (tones/ha) x Pre-Agreed Value (Ushs/ton)
  • Cost of input or costs incurred in running that enterprise e.g. Seed, fertilizer, ploughing, weeding, agrochemicals etc

 

What’s not covered
Harvested Crops and Crops in transit; Any Crop which has been harvested prior to inspection by our loss assessor; A result of consequential loss whether or not caused by a defined peril. Where recognized good farming and harvesting practices have not been followed; Controllable diseases, weeds and/or controllable insect infestations

 

Crops to be insured: Coffee, Maize, Beans, Rice, Cotton, Bananas, Oil seeds, Fruit Trees, Tea

 

What’s optional
  • Political Violence and Terrorism: Cover against political violence and terrorism
What is covered
Death of animal as a consequence of:

Fire, Lightning, Flood, Rainstorm, snake bites, Windstorm, Hailstorm,Snow,Hurricane, Earthquake, Landslip, Diseases, Inundation, Surgical Operation and Impact accidental damage by animals, trees or vehicles, aircraft or motorized machinery.

Basis of cover

Sum insured for the animal is based on production costs or pre-agreed nominated value of the animal as at end insurance period

Determined market value by a registered veterinarian and farmer, in case of Poultry layer birds, the value of the bird as per the farmers’ investment can be considered.

What's not covered?
  • Willful misconduct
  • Feed poisoning
  • Culling
  • Prior accidents or diseases
  • Mysterious disappearances
  • Famine and Malnutrition
  • Infertility or impotence
  • Poor production like milk and eggs

 

What's optional?
  • Political Violence and Terrorism: Cover against political violence and terrorism

How it works

In the past, drought insurance has been based on precipitation. Indemnification of farmers would then take place if precipitation during the growing season would not meet certain pre-defined levels. However, there are few rainfall stations. A very dense and costly network would be required to adequately represent the spatial variability. Moreover, adding rain gauges would not provide for a long precipitation history that is required to assess the drought.

Another limitation is that rainfall is not a good measure of actual crop water use. A considerable part may run-off or may percolate into the subsoil. It is also possible that rainwater is stored in the soil for considerable time and used by the crop with months of delay.

The timing, not just the amount of rainfall during the various growth phases of a plant, is very important for satisfying the soil water balance and therefore the ultimate yield. Dry spells, or deficits over the main phases of crop growth, can cause yield loss, even if cumulative season rainfall is adequate. Drought index insurance monitors crop water availability to determine drought and has a linear correlation with crop yield. It is therefore a much more suitable indicator of agricultural drought than rainfall. The product’s Drought index insurance is based on innovative satellite technology and provides an affordable alternative to expensive traditional loss based crop insurance.

Using 33 years of Meteosat data and near real-time data reception we use drought insurance indices to determine drought payouts per season and continuously monitor drought across Uganda. When there is a drop in the expected average yield of the district due to drought or excessive rainfall, a linear payout is triggered to the extent of the loss experienced due to the drought as monitored by the drought index.

What is covered
  • Drought and excessive rainfall.

 

What's not covered?
  • Harvested Crops and Crops in transit
  • Any Crop which has been harvested prior to inspection by our loss assessor
  • As result of consequential loss whether or not caused by a defined peril
  • Where recognized good farming and harvesting practices have not been followed
  • Controllable diseases, weeds and/or controllable insect infestations

 

What's optional?

Political Violence and Terrorism: Cover against political violence and terrorism

What's covered
Sum Insured
  • Stock projections
  • Risk survey for new farms

 

Cover Is Offered Subject To The Following

  • Regular visits to farms
  • Risk management input
  • Satisfactory engineering and bio-security survey

 

What's optional?
  • Political Violence and Terrorism: Cover against political violence and terrorism

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FAQ’s

You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.

Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.

Additional charges will apply and in certain circumstances this cover might not be available.

Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.

In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.

An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.

Tips:

Goldstar claim process

No matter what your worry is, we’re here to help explain the process, assess your claim fairly and minimize the disruption to you with a transparent claims process.

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How to make a claim

We have a number of options to help you make a claim quickly and effectively. Contact our dedicated claims team for advice on an incident/claim.

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Why choose us ?

Goldstar Insurance was IFM’s Best Insurance Company in Uganda (2015) and has over the years consistently maintained a Global A+ Credit Rating

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