Why Is Multi-Peril Crop Insurance Necessary?
Broadacre crop losses can significantly impact on a grower’s profitability. Multi
Peril Crop Insurance (MPCI) is relatively new to Australia and provides a solution to manage the financial consequences of broadacre production variability.
What Can Be Covered?
Each Insurer provides cover on a different range of perils. The more comprehensive policies include crop loss due to insects, disease and a number of naturally occurring weather related perils such as fire, hail, frost, excessive or insufficient rainfall and excessive heat. MPCI products are typically structured to provide cover up to full cost of production.
MPCI is relatively new to the Australian marketplace so all broadacre growers
should review the available products to consider if MPCI should form part of their overall risk management strategy. AgriRisk can help with this review process.
What Does Multi-Peril Crop Insurance Cost?
The cost will vary depending on the perils covered, your yield and revenue
variability, the amount of cover required and the selected excess.
There are a number of products available from different insurers, with more
expected to enter this marketplace. Not all insurers provide cover for all broadacre crops in all growing regions so it’s best to contact your AgriRisk Account Manager to assist in understanding the products available in your region.
AgriRisk takes the hard work out of choosing insurance.
Our team of experienced and friendly brokers will:
Determine your individual needs, including risk profile and budget
Approach a range of insurers to determine the most appropriate products for your business
Search the insurance market, and negotiate the right cover and competitive terms.
Provide expert advice and make recommendations about the right risk management solution for your needs.