The Agricultural and Agrarian Insurance Board has introduced a new insurance scheme covering potato and vegetable cultivations to provide compensation for farmers affected by crop losses.
The scheme will cover Department of Agriculture-recommended crops including sweet potato, cassava, ‘kiri ala’, beetroot, cabbage, carrot, leeks, brinjal, okra, beans, capsicum, tomato, bitter gourd and pumpkin, among others.
Farmers can obtain insurance coverage by paying a premium equivalent to 7% of the initial insured value, the Board said.
Compensation under the scheme will be provided for losses caused by natural disasters, uncontrollable plant diseases, insect-related damage and wild elephant attacks.
The Agricultural and Agrarian Insurance Board said the initiative aims to encourage farmers to continue cultivation by reducing risks and strengthening financial security in the agricultural sector.
