Farm insurance
The Senate passed the final reading on a bill that establishes farm insurance in the Dominican Republic. The bill now passes to the Presidency for signing into law.

The government is to set aside RD$150 million for the insurance that will benefit farms nationwide and is expected to stimulate production for domestic and export markets.

The president of the Commission for Agropecuarian Affairs of the Senate, Amilcar Romero (PLD-Duarte) said that the legislation will resolve one of the most pressing problems of farming, that is securing financing, because farm production has been seen as high risk by banks. Romero says the insurance is an incentive for banks to lend to farmers.

He said the farming sector can now with less risk invest in new technologies to be more efficient and competitive, especially for exports. He said the insurance will cover all farm activities.


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This is vital for farmers. DR should become self-sufficient in food and also export.

Farm failures are few due to weather but when they occur they cover a wide area.

When it goes into law and is administered fairly this, in my opinion is a major milestone!

S..

A Friend of mine owns a big tomato Farm that by itself is worth more than the entire national Insurance Fond.

Farmers on smallholdings earn 2 - 4 dollars a day each if the crops are good.

For a 100 day growing season maybe 200 - 400 dollars of insurance - premium at 5% 10 - 40 dollars.

Big farmers will look elsewhere - they are not so essential.


Tomatoes are a luxury - yams etc. are important for nutrition.

S.

It's really a solution of farming problems, because it hard to underestimate value of farming industry.It helps millions of people in Dominican Republic to earn money and stimulates production for domestic and export markets.But lending to farming industy is a risk for banks and that's why insurance can be a solution.That's why it's a pretty good new that government will set money the insurance, it will really help farming sector to develop and to bring an income, it's very important and necessary for farmers.

Does anyone have more details on this... ?

What the insurance would cover?

What kind of farming would be eligible?

Do they protect themselves against bad farming practices?

Very interesting topic and would like to know more.......