Productivity Insurance - Section
Sombrero’s Productivity Insurance – Section aims to protect the agricultural production from climatic phenomena entailing losses to the producer, according to a specific productivity term coherent to the circumstances of the Assured. The Maximum Indemnization Limit is determined by the area, the insured productivity term, and the plantation’s price (as they are at the time of the insurance hiring).
About the Insurance
Assured:
Farmers.
Coverage:
Insurable production.
Covered Perils:
Fires, lightning, waterspout, strong winds and cold winds, hail, excessive rain, drought, frost, and excessive temperature changes.
Beneficiary:
Commercial and rural credit granting agents, trading companies, cooperatives, industries etc.
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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