Agriculture

The Faraday Agriculture team provide crop, livestock, and forestry reinsurance cover to insurance companies around the world.

• Crop Insurance has evolved over the years and can be divided into three categories.

○ Traditional Crop Hail Insurance covers standing annual and perennial crops against hail damage. It is often sold with additional named perils such as frost, fire and windstorm.

○ Multi-Peril Crop Insurance (MPCI) indemnifies producers against a crop yield shortfall caused by natural, weather-related perils such as drought, excess rainfall, flood, windstorm as well as insect attack, plagues and diseases.

○ Crop Revenue Insurance extends MPCI cover by including soft commodity price fluctuations thus protecting producer's revenue

• Livestock Insurance protects against the financial consequences from animal mortality and business interruption due to a disease outbreak, but also covers accident, natural and other perils. Faraday is part of the Global Livestock (Re)Insurance Consortium along with other leading Lloyd's syndicates. More information and contact details can be found on the Global Livestock (Re)insurance Consortium at Lloyds page.

• Standing Timber Insurance (Forestry) provides coverage against fire as the main peril as well as natural perils, mainly windstorm.

We aim to write a spread of business around the world whilst seeking to support best in class. 

Underwriting strengths

The team has extensive market knowledge and experience of Agriculture insurance/Reinsurance around the world. This experience allows the team to react quickly to new innovative products as well as provide a first class service to our brokers when quoting or authorising on reinsurance programmes. Solid client and broker relationships have always been at the forefront of the team's plan. 

Our underwriting team benefits from strong actuarial, compliance and claims support.