CBZ introduces agro-insurance cover

CBZ HOLDINGS this year introduced crop, livestock farm buildings, plant and equipment cover to hedge losses incurred by farmers in the agricultural sector.

is comes as a relief to farmers whose agricultural assets are exposed to harsh weather hazards.

According to CBZ Holdings, the agroinsurance covers on loss or damage are as a result of an insured risk.

Crop insurance covers losses for all fields, horticultural and plantation due to causes beyond human control while livestock insurance covers in an event of accidental death or injury. Equipment covers farm equipment in an event of fire, theft or accidental damage.

“Uncontrollable pests and diseases, wind and hailstorm damage, flooding, frost, fire and lightning, theft, malicious damage, explosion, windstorm and loss or damage incurred during transportation of harvested crops to the market,” reads the CBZ policy.

“We provide cover for all domestic animals and game in the event of accidental death or injury due to fire, lightning, diseases, accidents, snake bites and theft and other perils stated in our policy.

“A comprehensive insurance policy which covers farm buildings and farm equipment/implements inclusive of water pumps, tractors, combine harvesters, planters, irrigation equipment and all other farm equipment, covered against fire, lightning, accidental damage, theft and unforeseen breakdown of machinery.”

Crops cover includes cereals, horticulture crops, legumes and plantation crops, while livestock insurance covers poultry, beef and dairy, sheep, goats and game.

Farm buildings, plant and equipment cover will include buildings, irrigation infrastructure, tractors, combine harvesters and all other farm equipment.

According to the Insurance and Pensions Commission (Ipec), agricultural insurance has huge potential for development in Zimbabwe as an agro-based economy. However, it remains as an untapped sector.

Many farmers have lost their crops due to the weather conditions, floods such as Cyclone Idai or prolonged dry spells experienced at the beginning of the 2017/18 farming season.

Insurance companies have been encouraging farmers to take crop insurance to cushion against natural disasters.