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Friday, March 29, 2024

DAR, crop firm ink P1b insurance coverage deal

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The Department of Agrarian Reform and Philippine Crop Insurance Corp. have partnered to provide agricultural P1 billion in insurance coverage to the farmer-beneficiaries and their household members for 2020.

Agrarian Reform Secretary John Castriciones said the insurance program, called the Agrarian Reform Beneficiaries-Agricultural Insurance Program, will cover the farmers’ crops damaged by diseases, pest infestation and natural calamities.

The partnership was formalized through the signing of a joint memorandum circular between Castriciones and PCIC president Jovy Bernabe to take effect until December 2020 unless extended or terminated. 

“The insurance program will be of great help to our farmer-beneficiaries since it guarantees that they can recoup the farm losses that they may have incurred as a result of natural calamities,” Castriciones said.

About 500,000 agrarian reform beneficiaries listed in the registry system in 2020 stand to benefit from the P1-billion fund.

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Castriciones says the insurance program also covers the lives and limbs of the insured farmers and members of their families, adding “only farmers listed under the Registry System for Basic Sectors in Agriculture” can avail themselves of the insurance program.

Under the agreement, the DAR will be responsible in identifying the RSBSA-registered farmers and members of their families, assisting them in preparing the required documents, endorsing them to the PCIC for

insurance coverage, and ensuring that they are issued certificates of insurance coverage or insurance policy.

The PCIC will provide agricultural insurance to qualified beneficiaries listed in the RSBSA, issue an insurance policy upon receipt and approval of the application for coverage, facilitate the field assessment and settlement of claims of farmers, furnish DAR with monthly status reports, and initiate coordinative meetings between the partner-agencies regarding program implementation. Rio N. Araja

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