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Insurance for harvests that come a cropper

by Grain Central, 16 March 2017

Key Points

  • $2500 rebate available to help farmers apply for new insurance policy, such as multi-peril
  • $20 million Managing Farm Risk Program now open for applications
  • Applications can be completed online or by post
  • Program to operate until June 30, 2019

FARMERS looking to better financially protect themselves and their families through tough times are encouraged to apply for a rebate up to $2500 to help cover the cost of taking on a new agricultural insurance policy, such as multi-peril.

Barnaby Joyce

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, said the $20 million Managing Farm Risk Program, an initiative of the $4 billion Agricultural Competitiveness White Paper, was open for applications and was a straightforward process that could be completed online.

“Farm businesses should consider applying for our rebate if they are interested in taking on a new insurance product to protect their incomes from droughts, floods, hail and other events beyond their control,” Minister Joyce said.

“The Managing Farm Risk Programme provides eligible farm businesses with one-off rebates for 50 per cent of the costs, up to a maximum of $2500, of obtaining independent and professional advice to apply for a new insurance policy.

“Farmers have been saying for years they have wanted access to multi-peril crop insurance products and the Coalition Government is proud to be delivering an environment which encourages private insurers to invest in and make these products available.

“This grant is a means of helping farmers get all the facts together to make a considered decision around whether it is worth insuring their farm from perils such as drought, frost, hail and fire.”

Minister Joyce said farmers knew better than most that the Australian climate was as variable and as unpredictable as they came.

“In the past few months alone we’ve seen farmers hit by floods in Western Australia, fires in NSW, hail in South Australia and north western Victoria, while drought continues to impact farmers across large parts of Queensland,” Minister Joyce said.

“Recent storm outbreaks across NSW and Queensland are a reminder of the risks farmers face, with Dubbo experiencing flash flooding after 69mm of rainfall in five hours on Monday, their heaviest March rain in 17 years.”

Minister Joyce said he was encouraging all farmers across the country to carefully consider their production risks and investigate their insurance options.

“In ancient times farmers would pray and make sacrifices to the gods as a means of petitioning against poor seasons, now we have access to a range of insurance products designed to help farmers recover from anything the weather can throw at them.

“While insurance may not be the silver bullet solution for all farm businesses, it has great potential to assist many farmers in safeguarding their business, providing a much-needed sense of financial security.

“Time is running out for this cycle, with applications for the majority of existing commercial multi-peril insurance products closing by late April each year due to the growing season.”

Apply online at: www.agriculture.gov.au/mfrp

For more information, email mfrp@agriculture.gov.au or phone 1800 837 857.

Source: Deputy Prime Minister

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