Cost Insurance - Tropical Agriculture
Sombrero’s Cost Insurance for Tropical Agriculture guarantees the amount of the loan taken for production, in cases when the loan is due to climatic phenomena entailing losses for the producer. The Maximum Indemnization Limit reflects the credit amount – allowing for a small variation according to requests placed by the credit granting agents. Since this modality deals with tropical areas, basic coverage doesn’t include perils such as cold winds, hail, and frost, reducing its cost for the farmer.
About the Insurance
Assured:
Commercial and rural credit borrowers farmers.
Coverage:
Defrayal of production costs (variable costs).
Covered Perils:
Fires, lightning, waterspout, strong winds, excessive rain, drought, and excessive temperature changes.
Beneficiary:
Commercial and rural credit granting agents.
Claim:
The occurrence, within the coverage period of the insured crop, of one or more perils covered by the policy, thus reducing productivity.
Indemnification:
Pecuniary value indemnifiable in case the actual amount of production is below the insured one.
SUSEP Circular Nº 621/2021 – Art. 5: The insurance proposal and contract conditions shall inform, in accordance with the remaining requirements included in current regulation, the following:
I – the acceptance of the insurance proposal is subject to risk analysis;
II – product registration is automatic, and does not indicate approval nor recommendation from Susep; and
III – the policyholder may verify the status of both the insurance broker’s registration and the insurer’s registration at the website www.susep.gov.br.
§ 2: The information in the item II above shall be inserted, necessarily, in each and every marketing and advertising material used.
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