cotton crop insurance policy

Transcription

1 cotton crop insrance policy

2 Tailor-Made Cotton Crop Insrance Policy Introdction Where yo have paid or agreed to pay the premim to s, then, sbject to the terms and conditions contained in or endorsed on this policy or on yor schedle, we will cover yo for the loss of potential yield of Cotton, de to the impact of hailstone pon plant parts of the insred Crop, which occrs after first emergence. This insrance applies dring the period stated on yor schedle and for any ftre period which we may accept payment of premim. The policy, proposal and schedle are to be read together and any word or expression to which a specific meaning has been given bears that meaning. The policy, proposal and schedle together form this agreement. What yo need to tell s Yo mst tell s anything that yo know or shold know which cold affect or decision to insre yo. Yo mst do this each time yo apply for a policy, renew yor policy, and when yo change or reinstate yor policy. These reqirements are part of the Insrance Contracts Act What yo need not tell s Yo do not need to tell s anything that: Redces or risk. Is of common knowledge. We know, or as an insrer shold know. We indicate that we do not want to know. What will happen if yo do not tell s We can redce the amont we pay yo for yor claim, or we can cancel yor policy. If yor failre to tell s is fradlent, we can treat yor policy as if it never existed. Who is insred nder this policy The person, partnership or company whose name is set ot on yor schedle is insred nder this policy. In this policy the named party set ot in yor schedle are called yo or yor. Who is the insrer CGU Insrance Limited is the insrer. Or Astralian Bsiness Nmber is In this policy the insrer is called we, s or or. CGU has relationships with brokers, Athorised Representatives and other intermediaries who isse CGU policies. CGU pays remneration to brokers, Athorised Representatives and other intermediaries when they isse, renew or vary CGU policies. Yo cannot give yor rights away Yo cannot give anyone else an interest in this policy withot or written consent. 1

3 Words that have a special meaning In this policy there are words that have a special meaning. These words are listed below. If the meaning of a word is not shown below, we will tell yo what the meaning is in this policy. Wherever a word with a special meaning is printed in the policy, it will be shown in bold print. Additional growing costs means the amont shown on yor schedle that we will pay for those extra costs which are incrred following a claim, for the sole prpose of redcing the effects of the hailstone damage to the insred Crop. Bale means the indstry standard 227 kilogram bale of Cotton. Cotton means cotton lint. Crop means the insred cotton crop named in the schedle. Excess is the amont of money yo will pay towards a claim for damage to the insred Crop. The excess percentage is shown on yor schedle and this cannot be redced after the commencement of the cover. For example: If the gross percentage loss = 28% and the excess = 10% The net percentage loss is (28% less 10%) = 18% Final yield redction date means the date shown on yor schedle which is the final date for amending the potential yield and insred vale of the insred Crop. First emergence means the stage of growth of the developing plant when the first shoot appears, by normal growth processes, above grond level. Hailstone means a hard pellet of ice. Insred vale means the agreed vale per bale nominated by yo and accepted by s. We will show this vale on yor schedle. Loss of potential yield means the redction of the potential yield of the insred Crop by the impact of hailstone pon plant parts. Potential yield means the harvestable yield of Cotton after ginning that wold have been achieved by normal growth processes. Provisional yield means the potential yield shown on yor schedle which will apply for the prposes of this policy, nless a revision advice is spplied by yo and accepted by s. R2 stage of growth means the reprodctive stage of growth of the cotton plant when the first sqare is visible and the internode on the main stem above the node, which carries the first friting branch, has elongated at least 13mm or more and the cotyledonary leaves have been shed. The insred Crop is considered to be at the R2 stage of growth when at least 50 per cent of the cotton plants in the insred Crop have reached or exceeded this level of development. Replanting sbsidy means the amont shown on yor schedle that we will pay yo for each hectare of Crop replanted as a reslt of the impact of hailstone pon the Crop. Revised yield means the provisional yield as amended in accordance with the revision advice spplied by yo. Where more than one revision advice is spplied by yo, the provisional yield as amended by the last revision advice spplied by yo will apply. Schedle is the docment we give yo which sets ot the details of yor insrance cover. Yo receive a schedle when yo first take ot yor insrance and again when yor policy is renewed or changed. Special conditions of yor policy This policy is sbject to a 48-hor acceptance clase. This means that for any proposal and revision advice that yo send s, the cover will not commence ntil 48 hors after the date that we accept yor proposal or revision advice. The cover nder this policy ceases for the crrent season on the date that is shown on yor schedle as the expiry date for nharvested crops or the completion of the first pick, whichever is the earliest. We reserve the right to defer settlement of any loss, ntil, in or opinion, the seasonal reslts are far enogh advanced to provide a fair basis of assessment of the loss of potential yield of Cotton. What yo are reqired to do for s Yo are reqired to tend the insred Crop while growing, in a manner consistent with the generally accepted rles of cotton farming practice and procedre. Yo mst take all reasonable steps to ensre the protection and preservation of the insred Crop. Revision Sbject to the following provisions, yo may revise the provisional yield pward or downward. For any one season we will not allow downward revision(s) greater than 20 per cent in total of the highest provisional yield declared for the season, nless the revision(s) are spported by a report from an independent agronomist acceptable to s. 2

4 We will not allow any downward revision after: the final yield redction date, or any claim(s) which reslt in loss, destrction or damage to the insred Crop nless; sch claim(s) occrs before the final yield redction date, and the potential yield as assessed is less than the yield which wold otherwise have applied for the prposes of this policy and then only in accordance with sch assessment. All increases in the provisional yield will be sbject to the 48-hor acceptance clase. Yo may revise the insred vale pward at any time p to the final yield redction date for yor shire. All increases in the insred vale will be sbject to the 48-hor acceptance clase. Where revision advices are spplied by yo, the premim for this insrance is calclated on the latest revised yield and insred vale that is spplied by yo. Where no revision advice is spplied by yo, the premim is calclated on the provisional yield and insred vale that is spplied by yo. Cancelling yor policy Yo can cancel this policy at any time. To do this yo mst ask s in writing to cancel yor policy. The policy will end when we receive yor reqest. We will not retrn any premim when yo cancel the policy. We can cancel this policy if yo do any of the following: Make an incorrect or deliberately false statement to s when yo apply for yor insrance. Fail to tell s anything yo shold tell s when yo apply for this policy and when yo change or reinstate this policy. Fail to comply with the conditions of this policy. Fail to pay the premim for this insrance. Are not fair and open in yor dealings with s. Make a claim dring the period of this policy that is not tre. The claim does not have to be nder this policy and can be with another insrance company. We can also cancel this policy if there is a change in the circmstances of the risk dring the period of insrance. If we cancel this policy we mst advise yo in writing. To do this, a notice will be delivered to yo or posted by certified mail to yo. After cancellation by s, yo will be entitled to a refnd of the nexpired portion of the premim. How to make a claim nder yor policy Please contact yor nearest CGU Insrance office when something happens for which yo believe yo can claim. What yo mst do when yo make a claim Where a claim for damage to the insred Crop occrs, yo mst: Advise s within 48 hors of the next working day, whichever is the earlier; either in person or by telephone, facsimile, of the date and time of loss, the case of loss and details of the insred Crop damaged. Render all reasonable assistance that we may reqire inclding written proofs and stattory declarations. Yo give s yor rights to claim from anyone else If yo have a right to claim against someone for a claim yo made nder this policy, yo give s yor rights to make that claim. Yo also give s yor rights to condct, defend or settle any legal action and to act in yor name. Yo mst not do anything which prevents s from doing this and yo mst give s all the information and cooperation we reqire. 3

5 When we will pay When we will not pay We will cover yo for loss of potential yield of the insred Crop, shown on yor schedle, de to the impact of hailstone pon the plant parts of the insred Crop, which occrs after first emergence. Please refer to the section headed How we pay a claim on yor Cotton Crop for fll details of what we will pay yo in the event of a claim. Additional things we will pay when yo have insred yor Cotton Crop Replanting sbsidy benefit We will pay yo a replanting sbsidy if damage is cased directly by the impact of hailstone pon plant parts, of the insred Crop, which occrs after first emergence, and p to the last effective planting date for yor region. The excess does not apply to replanting sbsidy claims. On payment of the replanting sbsidy, yor insrance cover expires on that portion of the insred Crop that was replanted. The amont of premim payable will be calclated by applying the appropriate premim rate percentage to the total amont of the replanting sbsidy claim. This amont will be dedcted from the claim payment. The balance of the premim calclated on the fll sm insred of the area of Crop replanted will be credited to yor accont. If insrance is reqired on the replanted Crop, a new crop declaration or any other insrance instrction mst be sbmitted for the area of Crop replanted. Additional growing costs benefit We will also pay yo for any additional growing costs that are incrred as a reslt of the impact of hailstone pon the plant parts of the insred Crop, which occrs after first emergence. We will only pay these costs if the claim is greater than the excess. These costs mst be incrred in addition to the normal growing costs, with the sole prpose of redcing the effects of the hailstone damage to the potential yield of the insred Cotton. Yo are reqired to sbmit reports from time to time, at yor own expense, from a sitably qalified Cotton consltant, jstifying the additional growing costs and the progress of the recovery of the insred Crop. We will not pay claims arising from: Loss of potential yield de to an excess or deficiency of water or moistre, however cased. Loss of qality or grade of the Cotton or plant material. Loss of ntritional vale of the Cotton or plant material. Loss of germination ability of the Crop. Loss of potential yield de to the presence of any ninsred species of plant inclding weeds irrespective of whether sch loss was also in conseqence of damage by impact of hailstone. Loss or damage to the insred Crop as a conseqence of Bacterial Blight, Rhizoctonia, Verticillim Wilt or any other disease. War or warlike activity. War does not have to be declared. Hostilities, rebellion, insrrection or revoltion. Lawfl destrction of confiscation of the insred Cotton or Crop. Anything nclear or radioactive. Destrction, loss or damage intentionally cased by yo or a person acting on yor behalf. Destrction, loss or damage directly or indirectly cased by or de to the actions of persons taking part in riots or civil commotions, or persons taking part in labor distrbances or persons of malicios intent acting on behalf or in connection with any political organisation. Destrction, loss or damage directly or indirectly cased by or de to any artificial heating or drying process. Conseqential loss of any kind. Policy excess For each claim on the insred Crop, we will redce the amont we pay yo for yor claim by the excess. The amont of yor excess is shown on yor schedle. When the assessed loss of potential yield exceeds 70 per cent of the insred Crop, which is not harvested at the time of damage, we will redce the excess by 0.5 per cent for each 1 per cent of the assessed loss above 70 per cent. This redction in the excess only applies when the loss occrs after the R2 stage of growth. 4

6 Paying claims General Insrance Code of Practice How we pay a claim on yor Cotton Crop When damage occrs to the insred Crop, we will pay yo at the vale per nit of yield or nit of area, shown on yor schedle, for the loss of potential yield of the insred Crop. This amont will be calclated by applying the net percentage loss to the provisional yield declared by yo or the potential yield, whichever is the lesser. We will dedct any excess that is shown on yor schedle from the settlement of any claim. In the event of a total loss, any Crop prodction costs saved as a reslt, will be dedcted from the claim payment. Where a claim for damage to the insred Crop occrs, we may: inspect and take possession of sch insred Crop, or keep possession of the insred Crop and examine, sort, remove or otherwise deal with it, or sell any of the insred Crop or dispose of it for the accont of whom it may concern. We reserve the right to defer settlement of any loss ntil in or opinion the seasonal reslts are far enogh advanced to provide a fair basis of assessment of the loss of potential yield of the Crop. We will pay any claim(s) as soon as practical after the completion of harvest. If necessary to establish the fll extent of any loss, the final settlement of a claim may be deferred ntil the ginning ot trn reslts are available for the damaged Crop. Where the insred Crop is damaged and it is deemed by the assessor not to be an economic proposition to contine to grow the insred Crop throgh to harvest, we will settle the claim on the basis of a total loss, less any Crop prodction costs p to and inclding ginning, saved as a reslt. The most we will pay The most we will pay yo for any claim nder this policy is the sm insred shown on yor schedle, nless otherwise indicated in this policy. The prpose of the Code is to raise standards of practice and service in the general insrance indstry. The objectives of the Code are: to promote better, more informed relations between insrers and their cstomers; to improve consmer confidence in the general insrance indstry; to provide better mechanisms for the resoltion of complaints and disptes between insrers and their cstomers; and to commit insrers and the professionals they rely pon to higher standards of cstomer service. Or commitment to yo We have adopted and spport the Code and are committed to complying with it. Please contact s if yo wold like more information abot the Code. How to resolve a complaint or dispte 1. Talk to s first If yo have a complaint, the first thing yo or yor insrance adviser shold do is speak to one of or staff. If yor complaint relates specifically to a claim, speak with the claims officer managing yor claim. If the staff member or claims officer are nable to resolve the matter for yo, yo or yor insrance adviser may speak to a manager. The manager will sally provide yo with a response to yor complaint within 15 bsiness days. If the timeframe is impractical for any reason sch as the need for more information or frther investigation, they will discss with yo alternative timeframes. If yo are not satisfied with or response or we cannot agree with yo on alternative timeframes, yo can go to step Seek a review If the matter is still not resolved the manager will refer yo or yor insrance adviser to the relevant dispte handling department or area who will condct a review of yor dispte and will sally provide yo with a response to yor dispte within 15 bsiness days. If the timeframe is impractical, we will discss with yo alternative timeframes. If yo are still not satisfied with or response to yor dispte or we cannot agree on alternative timeframes, yo can go to step 3. 5

7 3. Seek an external review Yo are entitled to seek an external review of or decision. We will provide yo with information abot options available to yo, inclding, if appropriate, referring yo to the external dispte resoltion scheme administered by the Financial Ombdsman Service Limited (FOS). Yo will not be able to have yor dispte resolved by the FOS if yo are not eligible nder the FOS s Terms of Reference. Frther information abot or complaint and dispte resoltion procedres is available by contacting s. 6

8 Yor insrance adviser is Insrer CGU Insrance Limited ABN C0263 REV5 9/08