Agricultural Insurance

Agricultural Insurance

Principles and Organization and Application to Developing Countries

1st Edition - January 1, 1967

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  • Author: P. K. Ray
  • eBook ISBN: 9781483190570

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Agricultural Insurance: Principles and Organization and Application to Developing Countries states that agriculture is subject to special elements of uncertainty. The risk inherent in agriculture has been exhaustively discussed in the text. Risks in agriculture can be characterized as property risk and personal risk. Natural risk such as storms, plant diseases, and insect pests is another topic covered in the book. A type of risk that is identified as drought, inundation, frost and freeze, hail, and tornado is called meteorological risk. The book also discusses another form of risk, which is named social risk. Occurrence such as fire, theft or burglary, embezzlement, and technological change belongs to this type of risk. A chapter of the book is devoted to the ways on how to remedy the risks enumerated. Another section of the book defines the term insurance. This section introduces such topic as probability, uncertainty, and the law of large numbers. The book notes that in order for agricultural risk to be insurable, it must satisfy some parameters. The text will provide valuable insight for farmers, financial planners, statisticians, students, and researchers in the field of risk management.

Table of Contents

  • Preface


    List of Illustrations

    List of Abbreviations Used

    Part I. Agricultural Risks and Their Insurability

    Chapter I. Risks in Agriculture

    Risks to Agricultural Property

    Personal Risks in Agriculture

    Graphic Presentation of Agricultural Risks

    Chapter II. Different Ways of Meeting Agricultural Risks




    Chapter III. Insurability of Agricultural Risks

    Nature and Function of Insurance

    Factors Determining Insurability of Risks

    Insurability of Agricultural Risks

    Part II. Crop Insurance

    Chapter IV. Object and Types of Crop Insurance

    Object of Crop Insurance

    Types of Crop Insurance

    Chapter V. Specific Hazard Crop Insurance—Against Hail

    Nature of Contract

    Eligibility (of Land) for and Condition of Coverage

    Amount of Cover

    Methods of Rating

    Examples of Premium Rates

    Discounts and Rebates of Premium

    Assessment and Payment of Premiums

    Term of Contract

    Other Conditions

    Procedure in Case of Loss

    Method of Loss Determination

    Minimum Loss Clause and Loss Deductible Clause

    Management and Reserve


    Chapter VI. Combined-Risk Crop Insurance

    Weather-Perils Crop Insurance in the United States

    Chapter VII. All-Risk Crop Insurance

    Nature of All-Risk Crop Insurance

    All-Risk Crop Insurance in the United States

    A Brief Note on Systems of Crop Insurance in Canada, Japan and Ceylon

    Part III. Livestock Insurance

    Chapter VIII. Importance and Forms of Livestock Insurance

    Importance of Livestock Insurance

    Position of Livestock Insurance

    Forms of Livestock Insurance

    Chapter IX. Insurance of Livestock—General

    Nature of Cover

    Selection of Risks

    Classification of Risks

    Basis of Valuation and Amount of Cover and Indemnity

    Rating Methods

    Examples of Premium Rates

    Term and Conditions of Contract

    Inspection of Insured Animals

    Procedure in Case of Accident or Illness

    Transfer of Policies and Substitution of Animals

    Forfeiture of Policy



    Chapter X. Insurance of Livestock against Specific Risks

    Insurance of Foaling Risks

    Castration Insurance

    Insurance against Anthrax

    Insurance against Consequential Loss Due to Foot-and-Mouth Disease

    Insurance against Transit and Show Risks

    Chapter XI. Insurance of Slaughter Stock

    Part IV. Farm Property and Farm Engineering Insurance

    Chapter XII. Farm Fire Insurance


    Farm Fire Insurance in the United Kingdom

    Mutual Farm Fire Insurance in the United States

    Chapter XIII. Agricultural Vehicles and Engineering Insurance

    Insurance of Agricultural and Forestry Vehicles

    Agricultural Engineering Insurance

    Part V. Personal and Liability Insurance for Farmers

    Chapter XIV. Personal Accident and Sickness Insurance for Farm People

    Development and Object

    Great Britain

    United States

    Chapter XV. Farmers' Liability Insurance

    Nature of Farmer-Employers' Liabilities

    Employers' Liability Insurance

    Personal and Public Liability Insurance for Farmers

    Part VI. Agricultural Insurance Organization

    Chapter XVI. Private Insurance Organizations

    Principal Types of Insurance Organization

    Joint-Stock Insurance Companies

    Mutual and Co-Operative Insurance Societies

    Chapter XVII. Public Insurance

    Forms of Public Insurance

    Advantages and Disadvantages of Public Insurance

    Part VII. Some Basic Considerations

    Chapter XVIII. Actuarial Consideration of Agricultural Risks

    Specialized Agricultural Risks

    Non-Specialized Agricultural Risks

    Chapter XIX. Reinsurance

    Definition and Benefit

    Reinsurance Methods

    Reinsurance Organizations

    Problems and Possibilities of International Reinsurance of National Crop Insurance Systems

    Some Suggestions as to Reinsurance of National Crop Insurance


    Chapter XX. Agricultural Insurance in Newly Developing Countries

    Crop Insurance

    Livestock Insurance

    Prospects and Possibilities

    Appendix I. Supplement to the Text

    Summary of Loss-Adjustment Process of the Alberta Hail Insurance Board, Canada

    Appendix II. Supplementary Tables

    Appendix III. Samples of Select Forms

    (a) CHIAA Standard Crop-Hail Application

    (b) CHIAA Standard Crop-Hail Policy

    (c) Application for Weather-Perils Crop Insurance (CHIAA)

    (d) U.S. FCIC County Summary of Coverages and Premium Rates by Areas, 19—

    (e) U.S. FCIC County Actuarial Table—Wheat—1963 and Succeeding Crop Years

    (f) U.S. FCIC County Actuarial Table—Tobacco—19— and succeeding Crop Years

    (g) U.S. FCIC Crop Insurance Acreage Report

    (h) U.S. FCIC Application

    (i) U.S. FCIC Application Supplement (Sharecropper and Share Tenant Interest)

    (j) U.S. FCIC Adjuster's Worksheet for Grain

    (k) U.S. FCIC Claim for Indemnity

    (l) Ceylon Crop Insurance Policy

    (m) (i) Fire Policy of the National Farmers Union Mutual Insurance Society, England and Wales (Buildings Insurance with Storm and Tempest Extension)

    (ii) Fire Policy of the National Farmers Union Mutual Insurance Society, England and Wales (Farming Stock)

    (n) Alabama Farm Bureau Mutual Insurance Service Inc. Standard Fire and Lightning Policy with Windstorm Endorsement and Seven-Point Extended Coverage

    (o) Texas Standard Policy, Fire and Lightning, and Farm and Ranch Form (The State Board of Insurance)

    Comprehensive Bibliography


Product details

  • No. of pages: 344
  • Language: English
  • Copyright: © Pergamon 1967
  • Published: January 1, 1967
  • Imprint: Pergamon
  • eBook ISBN: 9781483190570

About the Author

P. K. Ray

Affiliations and Expertise

Food and Agricultural Organization of the United Nations, Rome, Italy

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  • Matthew Wed Nov 07 2018

    Benefits of agricultural insurance Agricultural insurance is an effective mechanism for reducing the losses farmers suffer due to natural calamities s

    Benefits of agricultural insurance Agricultural insurance is an effective mechanism for reducing the losses farmers suffer due to natural calamities such as floods, droughts, and outbreaks of pests and diseases. The following are some other benefits of agricultural insurance: It enables farmers to obtain credit and financing for investment in new technologies, tools, and equipment to enhance and sustain their productive capacity. It also assists farmers in regulating cash flows and provides a financial buffer with which to rehabilitate damaged enterprises It reduces business risk. In agriculture, equipment and properties are used in the operations which due to human error can be damaged or destroyed in a split second. Agricultural insurance helps to offset these types of risks. It provides the farmers with peace of mind. Agricultural insurance removes the worries, tensions, fear and anxiety associated with farming making it possible for farmers to be more productive and creative with their farming business It encourages saving through regular payment of premium which cannot be withdrawn easily before the expiration of the policy. It provides credit facilities. The farmer can get loans by using the insurance policy as collateral whose interest will not exceed the cash value of policy charged by the insurer. It accelerates the economic growth of a country by accumulating capital from the insured and using it for investments in services and infrastructure necessary to grow the economy. It also helps to reduce inflation caused by oversupply of money by collecting excess money in circulation in the form of premiums It also provides job security for employees because it can save their employers from going out of business which will lead to employees or workers losing their jobs.