Weather is certainly a factor involved with many insurance covers, but did you know there is actually a “weather insurance” solution?
About weather insurance
According to our underwriting partner Allstate Weather Insurance, weather insurance is designed to protect against loss of income due to weather events.
Is weather insurance better than multi-peril crop insurance?
Traditional covers and even new multi-peril offerings can be either too complicated or simply not provide enough cover.
Weather insurance could be used to protect your business against a number of weather indices using objective, independent, meteorological data so there is no need for loss adjustment or claims negotiation. Revenue reductions or expense enlargements are compensated for within days of contract conclusion. Some of the perils protected are:
- Low rain fall reducing yield
- Frost damage reducing quality
- High rainfall spoiling fruit, delaying harvest or flooding farms
- Extreme temperature stressing livestock, disrupting production or spoiling produce
- Extreme weather such as cyclones flattening crops
Why get weather insurance?
Some of the high level features and benefits of weather insurance are listed below:
- Product is available to all farm produce, crops, feed, livestock, orchard or vineyard
- Independent data used to determine loss
- Flexibility to craft a programme based on your budget requirements
- Expected increased volatility in weather patterns in years to come
- The sector continues to receive little funding from state or federal government
- Seasonal variations catered to, such as sowing and harvesting.
Weather insurance is also not limited to just farm businesses, but can also be used in industries such as the mining industry.
Get a quote for weather insurance
Regional Insurance Brokers is happy to talk to you about your unique situation and risks, and then provide you with a free, no-obligation quotation. Contact us today to get started.
