Parametric Crop / Living Plant

Specialty Coverages

WHY DO YOU NEED PARAMETRIC INSURANCE?

As the global climate becomes increasingly volatile, it is more important than ever for cultivators to ensure their crop has adequate protection from environmental factors that are out of their control. Cannabis and Hemp cultivators are exposed to a wide variety of risks, all of which pose a threat to their business. Because of this, many lenders are requiring Parametric Crop insurance as collateral/security for their investment.

WHAT PERILS CAN WE PROTECT YOU AGAINST?

HOW DOES PARAMETRIC INSURANCE WORK?

Using satellite data and weather modeling, we can determine what perils will cause the greatest damage to your crop.
Together, we choose indices of weather events, which are likely to cause damage to your crop. We then set pre-defined thresholds for the chosen perils, which, when breached, will result in an insured loss. Please note that for some coverage, such as hail, you will need to install required sensors.
Throughout the policy period, insurers monitor the climate indexes and are notified when pre-defined thresholds are exceeded.

WHO IS THIS PRODUCT FOR?

Recreational and medical cannabis cultivators (outdoor and indoor)
Hemp cultivators
Traditional horticulture

PRODUCT HIGHLIGHTS

$50,000 Minimum Premium
Limits up to $100m
Cover tailored to your requirements
Competitive pricing
Claims paid within three days without the need for time consuming loss adjustors
A-rated Lloyd’s policy
You set the Sum Insured of your crop, so we can insure the seed value up to the wholesale value of the harvested product

ALL WE NEED TO KNOW

Location of Fields (aerial map required via Google Earth)
Total Value of Assets
Seed and harvest dates for growth cycle
What perils you require
Loss record