Goldstar is part of The Agro Consortium, that currently consists of Ten (10) Insurance Companies offering Agriculture insurance covering crop and livestock risks.
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)
Crops to be insured: Coffee, Maize, Beans, Rice, Cotton, Bananas, Oil seeds, Fruit Trees, Tea
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.
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.
Political Violence and Terrorism: Cover against political violence and terrorism
Cover Is Offered Subject To The Following
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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.