Sri Lanka's Agricultural and Agrarian Insurance Board has introduced a new insurance scheme intended to protect fruit farmers against specified cultivation risks.
The scheme covers fruit crops recommended by the Department of Agriculture, including pineapple, papaya and banana.
According to information released about the programme, farmers can obtain coverage by paying a premium equivalent to approximately 7% of the basic insured amount.
The scheme provides coverage for specified crop losses caused by natural disasters, diseases, pests and insect damage, as well as damage caused by wild elephants.
Reported compensation for eligible losses ranges from Rs. 300,000 to Rs. 400,000 per acre.
The Agricultural and Agrarian Insurance Board says the scheme is intended to help farmers manage cultivation risks and remain engaged in agricultural production when unexpected losses occur.
The compensation figures should not be interpreted as an automatic payment for every instance of crop damage.
Actual eligibility and the amount payable will depend on the applicable insurance conditions, the crop concerned, the nature and extent of the loss, and the Board's assessment and claims process.
Farmers considering the scheme should therefore obtain the applicable policy and eligibility conditions from the Agricultural and Agrarian Insurance Board before relying on the maximum compensation figure.