Livestock Insurance

Livestock insurance is a useful tool to protect agricultural enterprises from damage resulting from illness or death of animals belonging to them.

Which animals can be insured:

• cattle;
• pigs (except for African swine fever virus, which is a standard exclusion under a livestock insurance policy);
• mules, goats, sheep, donkeys;
• fur animals - nutria, rabbits, minks;
• bee colonies;
• horses (which are used for agricultural purposes)
• poultry in farms specialising in the production of poultry and eggs.

Insurance shall not cover:

• exhausted and sick animals;
• animals located in a quarantine zone.

Livestock insurance implies mandatory requirements for concluding an insurance policy, such as age, compliance with sanitary standards for keeping animals and compulsory vaccination.

What risks does livestock insurance cover:

Livestock insurance primarily covers basic property risks:

1. Fire, explosion, electric shock, lightning strike.
2. Natural disasters (earthquake, mudflow, flood, collapse, avalanche, landslide, storm, hurricane, snowstorm, hail, heavy rain, heavy snowfall).
3. Illegal actions by a third party (theft, robbery, assault).
4. Injuries resulting from an accident, namely:

• a collision of transport;
• sun or heat stroke;
• impact of electric current;
• sudden poisoning by poisonous plants or substances (on pastures only);
• attack of wild animals and feral dogs;
• bite by snakes or poisonous insects;
• blockage of the gastrointestinal tract as a result of foreign object penetration;
• choking (asphyxia), respiratory arrest due to obstruction of the upper respiratory tract by foreign objects.

Also, livestock can be additionally insured against:

1. forced slaughter due to the conduct of events related to epizootics;
2. required treatment of animals.

Optionally, you can add animal insurance during transportation, operation, as well as in the case of death due to malfunction of stationary machines.

The insurance policy provides for a list of diseases against which the livestock can be insured. If a specific disease is not listed, it is excluded from the coverage.

The livestock insurance policy is valid within Ukraine.

Livestock Insurance: Rates

The cost of livestock insurance is the equivalent of the cost of animals. The sum insured is determined based on the market or book price of a group of animals, and also depends on:

• the list of insurance risks;
• species and age of animals;
• the number of insured animals;
• amount of deductible;
• region;
• farmer’s experience;
• the period of insurance.

The insurance rate is calculated for a specific age group of the insured livestock. Insurance coverage will apply to all animals within the age group. If the animal "grows" out of the age group, the coverage ceases. If the livestock increases, the young animal automatically becomes insured upon reaching the lower threshold of the age range.

Thus, all animals that fall into the age category provided by the policy will be insured, and the number of insured animals will change during the period of insurance.