In Ukraine, farmers will be able to insure sugar beets

The Ministry of Agrarian Policy and Food in Ukraine has introduced a standardized insurance product for sugar beet harvest. The product, developed in collaboration with insurance companies and agricultural producers, aims to protect farmers from losses due to weather conditions, diseases, and third-party actions. To receive insurance payments, farmers and insurers must agree on the condition of the sugar beet crops. The insurance covers a broad range of potential losses but excludes those resulting from nuclear energy, ionizing radiation, man-made accidents, military actions, and ephtiotic plant disease outbreaks.

The Ministry of Agrarian Policy and Food approved a standardized insurance product for sugar beet insurance. This was reported by Minagro. Order No. 1426 of the Ministry of Agrarian Policy "On a standardized insurance product for insurance of the future sugar beet harvest with state support against agricultural insurance risks" came into effect. The insurance product was developed together with insurance companies and agricultural producers. It can be used by insurance market participants for sugar beet insurance. The object of insurance is the future harvest of sugar beets. Farmers will be able to insure themselves against crop loss due to such weather phenomena as rain, downpour, overwetting of the soil, strong wind, frost and drought, as well as due to the spread of various diseases and illegal actions of third parties. A mandatory condition for receiving insurance payments is the signing by the insurer and the insured of the act of inspecting sugar beet crops in the form ...