It is the time of year to consider insuring your crops – and we recommend you insure early, as it will cost you no more to do so. If you have existing crop insurance with CGU, you have until 16 August 2010 to provide us an update of your anticipated yield.
Good late summer rainfall and widespread above-average autumn rainfall has produced a strong start to the crop season in those areas. Given the unpredictable weather conditions in Australia, hail or fire could damage your crops, so it is important you protect your crop.
You select the agreed value per tonne for each crop that you wish to insure. We then guarantee this value will be paid in the event of a covered event – even if the market value has dropped. This is one way in which your CGU policy delivers security and is a great comfort for those growers who have forward sold their crop.
Factors to consider when insuring your crop:
- Does your crop policy protect damage as a result of a chemical overspray?
- Does it protect damage as a result of straying livestock?
- Does it cover your harvested crop whilst in storage or in transit?
- Does it provide cover for stranding straw after harvest?
CGU Crop insurance delivers all of these.
CGU Crop insurance also provides a reducing excess. This is a fantastic benefit and a great risk management tool – the excess gradually reduces when the claim exceeds 20%.
CGU Crop insurance also provides extra harvest allowance. For claims over 70% that are not a total loss, CGU tops up the claim with half the difference between the percentage loss and 70%. This means more money in your pocket. For example, if your crop suffers 90% damage, CGU will pay you 100% – no strings attached.
Crop insurance policies are not all the same. The CGU Crop insurance includes features not always available from other insurers which can mean more dollars in your pocket after a claim. So speak to your insurance adviser today. Don’t have one? Use CGU’s ‘Find an Insurance Adviser’ tool to find an adviser close to you.