Agricultural Insurance Program: Who Qualifies and What You Get
Learn how commercial farms in Saudi Arabia can protect their crops against climate-related losses through this insurance program.
This program provides financial protection for commercial farms to help mitigate the impact of losses caused by climate-related events.
Who it's for
This scheme is designed specifically for commercial farms. It is intended for large-scale operations that require a way to protect their agricultural investments against the unpredictable nature of climate-related losses.
What you get
You receive insurance coverage that helps safeguard your crops against losses caused by climate factors. This coverage is intended to act as a financial tool to keep your agricultural projects viable and competitive, even when environmental conditions become difficult.
What it costs you
To participate, you must pay an annual premium. The exact amount you are required to pay is not a flat fee; instead, the premium is calculated based on two specific factors: the total size of your farm and the specific type of crops you are growing. You should check the current rates to understand how your specific farm profile affects your annual cost in SAR.
The catch to know
It is important to understand that this insurance is strictly for climate-related events. The policy does not cover losses that result from mismanagement or a lack of basic maintenance on your property. To ensure you are covered, you must maintain your farm according to standard practices, as environmental protection does not replace the need for regular upkeep.
How to apply
- Gather your farm documentation, including your total land area and a detailed list of your current crop types.
- Contact the Agricultural Development Fund to request a premium calculation based on your specific farm profile.
- Prepare for the annual premium payment required to maintain your coverage.
- Follow the guidance provided by the fund to finalize your enrollment.