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.
• 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.