A new insurance coverage is planned for introduction by the Agricultural and Agrarian Insurance Board with the aim of expanding coffee cultivation, a crop with a very high value in local and foreign markets, within Sri Lanka.
The Agricultural and Agrarian Insurance Board operates as a main institution under the Ministry of Agriculture, Livestock, Land and Irrigation.
Issuing a notice, the board mentioned that since the recommendation of the Department of Export Agriculture must be obtained when cultivating coffee, this insurance scheme will be implemented only for coffee cultivations carried out subject to that recommendation.
The insurance coverage is scheduled for issuance under a premium amount of 7% of the insured sum relevant to each year, for the first 0.03 years following the planting of coffee seedlings.
Accordingly, provisions of insurance coverage will take place as Rs. 510,000 for the first year, Rs. 660,000 for the second year, and Rs. 840,000 for the 3rd year.
Drought, floods, wild elephant damage, uncontrollable plant diseases, uncontrollable insect menaces, and other wild animal damage encountered during coffee cultivation are covered by this basic insurance coverage, the board mentions.
Additionally, an opportunity is provided for coffee growers through this to obtain extra coverage such as sudden fires and landslides by paying an additional premium of 0.5% of the insured sum for each coverage, the notice mentions.
The Agricultural and Agrarian Insurance Board operates as a main institution under the Ministry of Agriculture, Livestock, Land and Irrigation.
Issuing a notice, the board mentioned that since the recommendation of the Department of Export Agriculture must be obtained when cultivating coffee, this insurance scheme will be implemented only for coffee cultivations carried out subject to that recommendation.
The insurance coverage is scheduled for issuance under a premium amount of 7% of the insured sum relevant to each year, for the first 0.03 years following the planting of coffee seedlings.
Accordingly, provisions of insurance coverage will take place as Rs. 510,000 for the first year, Rs. 660,000 for the second year, and Rs. 840,000 for the 3rd year.
Drought, floods, wild elephant damage, uncontrollable plant diseases, uncontrollable insect menaces, and other wild animal damage encountered during coffee cultivation are covered by this basic insurance coverage, the board mentions.
Additionally, an opportunity is provided for coffee growers through this to obtain extra coverage such as sudden fires and landslides by paying an additional premium of 0.5% of the insured sum for each coverage, the notice mentions.
