8th December 2024, Kathmandu
The Nepal Insurance Authority has made significant changes to four important agricultural insurance policies. These updates target insurance for coffee farming, bee farming, sugarcane farming, and vegetable farming. The authority aims to make these policies more relevant and effective, based on current agricultural needs.
Nepal Insurance Authority Updates Policies
Key Changes in Coverage
The revised insurance policies now offer broader protection. Farmers can now receive coverage for damages caused by fire, storm, water-related issues, weather conditions, land damage, and diseases or pest infestations.
A notable addition is the inclusion of damage caused during bee relocation, including damages from strikes. However, the insurance will cover only the bees being moved, as specified by the authority.
Clearer Payment Terms and Coverage
The Insurance Authority has also clarified the payment process. Farmers must pay the insurance premium before they can access coverage. Once paid, they will be entitled to accident insurance up to NPR 200,000.
The insurance premium is set at NPR 200, and unfortunately, there will be no subsidies available for this payment.
Implementation Guidelines for Insurance Providers
The authority has instructed all insurance providers to implement these updated policies. The goal is to offer more comprehensive protection to farmers and workers in the agricultural sector. With these updates, the Insurance Authority hopes to improve security for those engaged in farming.
Detailed Policy Information
Farmers and interested parties can find more detailed information about each policy below:
- Sugarcane Farming Insurance Policy
- Coffee Farming Insurance Policy
- Vegetable Farming Insurance Policy
- Bee Farming Insurance Policy
For more: Nepal Insurance Authority Updates Policies
