Livestock Insurance
Two main types of livestock insurance can be distinguished, as on the one hand, insurance companies can cover risks of deaths due to natural disasters and elemental damage, and on the other hand, can also cover deaths due to illness and accidents.
Crops Insurance
In Hungary today’s practice is of two ways how to draw up crops insurance contracts. One is a traditional crops insurance, where the Contractor is given more freedom in determining the content of the contract (including determining yields per hectare or marking the areas to be insured). The other isthe premium-subsidized crops insurance scheme which was launched several years ago. The main difference is that part of the annual premium is reimbursed for the policyholder from a governmental fund in the form of post-financed granted limited amount in case of fulfillment of the certain conditions (for example, the indication of premium-subsidized insurance on the Single Application, the accurate communication of the data and the payment of the premium by the deadline).
Insurance of machinery and equipment
There is a significant difference between the production maschinery used in industry and the equipment used in agriculture in terms of insurance. While the former category has a higher proportion of fixed installed maschinery, the latter one cannot be defined even as being located within the insured site for the most of the year.
Insurance of premises
On the base of our experience the most of insurance companies treat their agricultural customers as stepchildren, the property-type insurances developed for them are not updated and exclude a significant part of the relevant risks.