"Oranta" Incorporated performs crop insurance on the terms subject to Law "On support of agriculture of Ukraine", which anticipates the reduction of insurance cost for agricultural manufacturers at the expense of State budget.
The conclusion of insurance contracts is performed from the moment of spring crops appearing or vegetation renewing of winter ones. The concluded insurance contracts are valid up to the end of the term for insured crop harvest. This term has been established due to the agrotechnical requirements for this crop in the proper region but not later than the 20th day, the next after the date from beginning of harvesting works for a proper crop. This date has been established due to existing agrotechnical norms.
Complex (multirisk) future crop insurance for spring-summer period is performed against the following risks:
frosts, ice-crusted ground, freezing;
hail or stroke of lightning;
avalanche, landslide, earth or earth-water flow;
fire, except forest fires;
storm, hurricane, blizzard;
heavy showers, flood;
drought or dewatering on the lands, which are to forced watering or flooding;
epiphytotic development of plant diseases;
epiphytotic reproduction of plants’ vermin;
secondary plant diseases, as a result of occurring the above-mentioned risks;
illegal activities of parties, such as thefts, rowdy actions as to vegetable plantations, destruction of coverings (bearing constructions) of greenhouses, seedbeds, glasshouses.
Sum insured is determined as a cost of future harvest, calculated through multiplication of the average crop capacity in the farm (district) for the previous 5 (five) years by acreage under crops and the cost of harvest metric unit for the proper agricultural output.
Insurance tariff is determined taking into consideration such factors as: region, kind of crop, planting condition, which is accepted for insurance, the amount of franchise and is within the limits 4,7% to 6,8 % from Sum insured.
Payment of insurance indemnity is performed taking into consideration the amount of the direct loss, caused to insured crops.
Direct loss is determined as a part of the planned harvest that has been lost as a result of influence of insurance risks, mentioned in insurance contract.