The Agricultural and Agrarian Insurance Board has announced a new insurance scheme to cover farm houses used for cattle, buffalo, goats, and pigs, aiming to safeguard farmers against climate and disaster risks.
Under the scheme, compensation of up to Rs. 2.5 million will be paid for damages caused by floods, storms, lightning, collisions, landslides, and wild animals.
Farmers will be required to pay a basic premium of 2.5% of the insured amount, with an additional 1% premium to extend coverage to accidents caused by fire.
The Board said only farm houses maintained in line with standards set by the Department of Animal Production and Health will qualify for the scheme.
Officials said that with increasing climatic and weather variations, securing insurance coverage has become an essential measure to manage risk and uncertainty in the livestock sector.
This initiative is expected to provide farmers with greater confidence to sustain their livelihoods while protecting investments in animal husbandry. (Newswire)