by Sifiso Sibandze
Upcoming Swaziland short term insurer, Lidwala
Insurance Company has introduced an Agricultural Insurance Package
targeted at both the small and large commercial farmer.
The
package consists of three different policies; Livestock Comprehensive
Policy, Sugar Cane Protection Policy and Farm Comprehensive Policy
covers.
This was disclosed by Lidwala’s acting Marketing and
Claims Manager Octavia Kunene. Kunene said the introduction of this
package was along the company’s main thrust to continuously drive growth
by diversifying its portfolio through the introduction of tailor-made
and customer relevant products. Lidwala Insurance Company is the first
company in the country to come up with such an insurance policy.
This will come as good news to commercial farmers as they had been calling for such products from the insurance industry.
According
to Kunene, the livestock comprehensive policy covers includes all kinds
of domestic animals ranging from cattle, sheep, goats and chickens
among others. "The policy comprises of fire, diseases and transit
sections. Regarding fire, it covers loss of an animal as a result of
perils such as fire, lightning, explosion, electrocution, malicious
damage and riot," she explained.
She said the disease aspect of
the policy is specifically designed for those who wish to cover loss of
their cattle against specific diseases but excluding pandemics such as
foot and mouth and anthrax, while the transit section covers loss or
injury to the insured animals while on transit, including theft.
"The
Sugar Cane Protection Policy is specifically structured and tailor made
for sugar cane growers who may be small or large scale commercial
farmers," she said, adding that this policy has an allied perils section
that covers loss or damage to cane as a result of fire, malicious
damage and riot.
In addition Kunene said the company has in
conjunction with its re-insurers arranged for hail damage cover which
would be optional should the client specifically wish to cover the sugar
cane against this peril.
Kunene said the farm comprehensive
policy was tailor-made for farmers who were into diversified farming and
consists of personal insurance, farming insurance and motor combined
insurance sections.
"The personal insurance section caters for
the farmer’s private dwellings (buildings) and household contents at the
farm, risks, personal accident and personal liability cover," she
explained.
Moreover, the farming insurance section covers the
business operations on the farm and this ranges from crop insurance such
as vegetables, tomatoes, paprika, wheat and sorghum with an option for
hail damage cover.
"The insurer can insure against buildings, money robbery, transit among others," she said.
Regarding
the Motor Combined Section, Kunene said it covered the farmer’s
vehicles and these could range from private, commercial vehicles, buses,
motorcycles, trailers and special types that constitute equipment such
as combine harvesters, tractors among others. The cover ranges from
comprehensive, full third party fire and theft and full third party
only.
Kunene indicated that the agricultural products currently
being rolled out by Lidwala Insurance Company were specifically in terms
of the perils covered by the policies at hand and clients were free to
give them as collateral against funding that may be provided by local
financial institutions.
Looking into the future, Kunene said the
company was already working on consolidating the above products by
structuring weather index related insurance that will cover risks such
as drought.
Swazi Times
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