What is Agric Insurance

Policy that protects against loss or damage to crops or livestock. It provides value to farmers and their communities, by protecting them when damages occur and by encouraging greater investment in the crops. Agric Insurance covers farm produce, crops, poultry, fish farm, livestock, machinery and equipment against losses from fire, burglary, flood, windstorm, etc. The Nigerian Agricultural Insurance Corporation (NAIC) regulates all activities related to Agric insurance in the country.

Types of Travel Insurance Policies
  • Commercial Crops Insurance Policy
  • Subsidized Livestock Insurance Policy
  • Multi-Peril Cover Insurance Policy
  • Subsidized Crops Insurance Policy
  • Commercial Livestock Insurance Policy

Eligibility, Documents And Process

Usually, individuals intending to get Agric insurance are advised to visit or contact the closest NAIC office, in order to get the correct details of what they really need. He or she must be an adult, a legal citizen of the country, own or operate a viable agricultural project and have the business or project duly registered as a legally operated one in the country

Benefits Of Agric Insurance Plans in Nigeria
  • Operating a large farmland or ranch is a pretty risky business, especially without having an insurance coverage. This is because animals and crops are easily influenced by external factors or elements that may be controllable or otherwise. A brief weather change, natural disaster or disease influx can wipe out weeks and months of hard work in an instant.
  • Agric insurance coverage will ultimately enable you to manage your farm and crop risks efficiently. With it, you can be assured that uncontrollable and unforeseen natural disasters of price fluctuations in the market will be easily handled.
  • In Nigeria, having Agric insurance increases your chances of getting credits from financial institutions because it serves as a form of collateral that can be put down.
  • The NAIC caters to the needs of all farmers, small, medium and large scale. In other words, no one is exempted from the benefits of an Agric insurance cover.