Agricultural Insurance (eBook)

Front Cover 1
Agricultural Insurance: Theory and Practice and Application to Developing Countries 4
Copyright Page 5
Table of Contents 8
DEDICATION 6
List of Illustrations 14
List of Tables 15
List of Abbreviations 17
Samples of Select Forms (Appendix 3) 18
Preface to Second Edition 20
Preface to First Edition 24
Foreword 28
BOOK I: GENERALTHEORY 30
PART I: Agricultural Risks and Their Insurability 32
Chapter 1. Risks in Agriculture 34
Risks to Agricultural Property 34
Natural Risks 35
Social Risks 37
Economic Risks 40
Personal Risks in Agriculture 43
Graphic Presentation of Agricultural Risks 45
Chapter 2. Different Ways of Meeting Agricultural Risks 46
Avoidance 46
Prevention 46
Assumption 47
Chapter 3. Insurability of Agricultural Risks 49
Nature and Function of Insurance 49
Factors Determining Insurability of Risks 51
Insurability of Agricultural Risks 52
Fortuitousness of Agricultural Risks 52
Computability of Agricultural Risks 53
Low Cost of Insurance 56
Chapter 4. Actuarial Consideration of Agricultural Risks 57
Specialized Agricultural Risks 57
Hail 57
Windstorm 66
Flood 69
All-Risks to Growing Crops 70
Risks to Livestock 88
Non-Specialized Agricultural Risks 91
Fire 92
Life 92
Sickness 94
Accidents 95
PART II: Insurance Organizations with Reference to Agriculture 98
Chapter 5. Private Insurance 100
Principal Types of Insurance Organization 100
Joint-Stock Insurance Companies 101
Mutual and Co-operative Insurance Societies 102
Characteristics of a Mutual Insurance Society 102
Characteristics of a Co-operative Insurance Society 104
Mutual and Co-operative Insurance Associations Compared with Joint-Stock Insurance Companies 108
Comparative Advantages of Mutual and Co-operative Insurance Associations and Joint-Stock Insurance Companies as Carriers of Agricultural Insurance 109
Chapter 6. Public Insurance 113
Forms of Public Insurance 113
Advantages and Disadvantages of Public Insurance 118
Chapter 7. Reinsurance 123
Definition and Benefit 123
Reinsurance Methods 124
Reinsurance Organizations 130
BOOK II: PRINCIPLES AND PRACTICES 134
PART I: Crop Insurance 136
Chapter 8. Object and Types of Crop Insurance 138
Object of Crop Insurance1 138
Types of Crop Insurance 140
Chapter 9. Specific Risk Crop Insurance Against Hail 158
Nature of Contract 158
Eligibility (of Land) For and Condition of Coverage 161
Amount of Cover 162
Methods of Rating 163
Examples of Premium Rates 169
Discounts and Rebates of Premium 174
Assessment and Payment of Premiums 175
Term of Contract 177
Other Conditions of Contract 179
Procedure in Case of Loss 180
Method of Loss Determination 182
Minimum Loss Clause and Loss-deductable Clause 186
Management and Reserve 190
Reinsurance 190
Chapter 10. All-Risk Crop Insurance 191
Nature of All-Risk Crop Insurance 191
All-Risk Crop Insurance in the United States 191
Systems of Crop Insurance in Canada and Japan 223
PART II: Livestock Insurance 244
Chapter 11. Importance and Forms of Livestock Insurance 246
Importance of Livestock Insurance 246
Position of Livestock Insurance 247
Forms of Livestock Insurance 252
Chapter 12. Insurance of Livestock- General 254
Nature of Cover 254
Selection of Risks 254
Classification of Risks 255
Basis of Valuation and Amount of Cover and Indemnity 256
Rating Methods 258
Examples of Premium Rates 259
Term and Conditions of Contract 260
Inspection of Insured Animals 262
Procedure in Case of Accident or Illness 262
Transfer of Policies and Substitution of Animals 263
Forfeiture of Policy 264
Arbitration 264
Reinsurance 264
Chapter 13. Insurance of Livestock Against Specific Risks and Slaughter Stock 265
Specific Risks 265
Slaughter Stock 271
PART III: Farm Properly Insurance 274
Chapter 14. Farm Fire Insurance 276
Introduction 276
Farm Fire Insurance in the United Kingdom 279
Mutual Farm Fire Insurance in the United States 288
Chapter 15. Agricultural and Forestry Vehicles Insurance1 303
Definition 303
Types of Cover 303
Benefits and Indemnities 304
Optional Additional Cover 306
Terms and Conditions 307
Premiums 308
PART IV: Personal and Liability Insurance for Farmers 310
Chapter 16. Personal Accident and Sickness Insurance for Farm People 312
Development and Object 312
Chapter 17. Farmers' Liability Insurance 321
Nature of Farmer-Employers' Liabilities 321
Employers' Liability Insurance 325
Personal and Public Liability Insurance for Farmers 331
BOOK III: AGRICULTURALINSURANCE IN DEVELOPING COUNTRIES1 336
Chapter 18. Crop Insurance in Developing Countries 338
Functions of Crop Insurance in a Developing Economy 338
Problems of Crop Insurance in Developing Countries 339
Nature of Crop Insurance suited to Developing Countries 343
Chapter 19. Livestock Insurance in Developing Countries 354
Conditions and Factors Favourable to Development of Livestock Insurance 354
Appropriate Forms of Contract 357
Chapter 20. International Reinsurance of National Crop Insurance Systems1 360
Need 360
Practical Difficulties 361
Some Suggestions as to Reinsurance of National Crop Insurance 363
Conclusion 366
Appendix 1: (1) Supplement to the Text 368
Appendix 1: (2) Principal Changes Proposed in United States Federal Crop Insurance Programme, Effective 1 October 1979 by Senate Bill No. S.11251 369
Appendix 2: Supplementary Tables 374
Appendix 3: Samples of Select Proposal and Policy Forms 383
Bibliography 436
Index 442