WeatherBill, the weather insurance specialists who offer a number of products such as their RainCheck insurance, have launched a new product offering what they call Total Weather Insurance™ to the U.S. agriculture industry. Available for the 2011 crop year the new product is said to offer unprecedented protection for farmers profits.
Total Weather Insurance™ gives growers the chance to lock in profits by covering the farmers losses below the level of cover provided by federal crop insurance schemes so this new product is designed to complement federal cover and provide total cover to the grower.
WeatherBill cite increasing extreme weather events as causing growers to become increasingly exposed to significant crop losses. “These frequent extreme weather events expose U.S. growers to greater financial risk than ever before,” said David Friedberg, chief executive officer of WeatherBill. “Now, for the first time ever, growers can protect their profits from weather-related losses not covered by federal crop insurance with Total Weather Insurance.”
As part of the new product WeatherBill gives farmers a weather risk report that identifies their expected profit-per-acre for the 2011 growing season and the key weather perils they will need to worry about based on location, crop, input costs, and federal crop insurance coverage levels. The report provides them with a recommendation as to how much cover they should take with this new product.
This product provides cover across the spectrum of weather risks for farmers which makes it extremely useful to them. It covers the full-season including drought, excess rainfall around key planting dates, cold, heat stress during pollination, freeze before harvest and rainfall.
WeatherBill have also announced a partnership with ADM Crop Risk Services (a provider of crop income protection) so that ADM customers can supplement their cover with WeatherBills new Total Weather Insurance™.
Of course we mustn’t forget that WeatherBill is a technology led company and using their advanced technology create these customised weather risk programmes for potential customers.