Insure your crops with a Weather Index Insurance solution
What Weather Index Insurance offers
A new way to safeguard your crop revenue. It’s designed to protect you from adverse weather events when your crop is most susceptible. For broadacre growers this might be protecting against frost at flowering or wet weather at harvest.
Weather Index Insurance can be tailored to your specific requirements in terms of your
specific location and crop type
selected recording station, be that the spatial grid your property is located in or your closest BOM station
risk period when your crop is most vulnerable to adverse weather and the duration of that period
payout which can be based on your estimated yield, quality or revenue impact, production costs or even just a lump sum to meet any additional costs.
Why choose Gallagher
Weather Index Insurance is a new crop protection product
Available for previously uncovered risks (eg. frost, excessive rainfall and high temperatures)
Reduces the financial impacts of these events with highly specific and personalised cover per farm & crop type
Supported by risk experts who specialise in the AgriBusiness industry and risk protection
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How Weather Index crop protection works
You select the risk period when your crop is most susceptible to adverse weather
You select the trigger in terms of temperature in degrees or rainfall in mm
You select the weather station or grid where the trigger will be measured. All weather data is provided by SILO
You select the amount of cover you require to manage the financial impact of the adverse weather.
You must lock in the cover at least 30 days prior to the risk period and pay the premium at least 7 days before the risk period
Settlement is triggered when the adverse weather is recorded during the risk period at your specified weather station or grid.
Losses are generally settled within 14 days of the end of the Risk period – there is no on farm loss adjustment required, however your crop must be impacted by the adverse weather and you will need to sign a declaration to confirm this.