Leadway Assurance is offering an additional insurance solution to its flagship agricultural insurance product to cover crop farmers for losses incurred due to cattle grazing encroachment into their farmlands.
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The Leadway Multi-Peril Crop Insurance Product is a policy that provides financial recovery for farmers who suffer losses relating to domestic animal encroachment by herders invading a farm and causing destruction or reduction in the value of crops.
The underwriting firm has advised crop farmers to take advantage of the product and inquire on how to access the additional insurance solution.
This unique and timely policy is in response to the plight of farmers who have suffered huge financial losses arising from the destruction of their crops and farmlands during encroachment by nomadic cattle.
The Head, Agric and Micro Insurance, Leadway Assurance, Ayoola Fatona, said the extended policy coverage will encourage continued investments in farming to prevent nationwide food security.
He said: “As a leading risk bearer and insurance service provider, especially for the agribusiness sector, we aim to provide top-notch service, satisfy our esteem farmers, agribusiness investors with our dynamic, bespoke and comprehensive insurance solutions. The call by farmers for us to extend insurance cover to include the risk of cattle encroachment has been growing over the years, and in our usual characteristic manner of responding to the needs of our customers, we decided to cover the peril of cattle encroachment as an extension to our existing crops policy.
“Our crops policy covers farmers at the time of loss, mostly against natural perils like flood, drought, windstorm, prolonged dry spell etc.
“The farmers who suffer losses relating to animal encroachment would get compensated with the deployment of this exemplary risks management tool. It is a win-win solution for the farming ecosystem and the food consuming population in Nigeria.‘’
With this audacious step, there is no gainsaying that Leadway Assurance is poised to make farming an endeavour that bears peace of mind, despite the increasing famers-herder’s conflicts that dominate the agricultural sector in Nigeria,” Fatona added.
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