07 types of agricultural insurance in Vietnam
Hello Lawnet. I have a question to ask. What are types of agricultural insurance in Vietnam? Thank you!
Pursunat to Article 4 of the Decree 58/2018/NĐ-CP stipulating types of agricultural insurance in Vietnam as follows:
1. Insurance against identified risks, whereby, upon occurrence of an insured event, the insurer indemnifies for the actual loss caused by the risks specified in the agricultural insurance policy.
2. All-risk insurance, whereby, upon occurrence of an insured event, the insurer indemnifies for the actual loss caused by all risks, except for the insurance exclusions specified in the agricultural insurance policy.
3. Business income insurance, whereby, upon occurrence of an insured event, the insurer indemnifies for agricultural production costs to compensate the loss caused by the insured risks specified in the agricultural insurance policy.
4. Productivity index-based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to the actual increase and decrease in productivity of a geographical area (district, commune, etc.) under the agricultural insurance policy without regard to the actual loss of the subject matter insured.
5. Weather index-based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to changes in weather index (rain, wind, droughts, floods, cold, hail, frost, earthquake, tsunami, etc.) under the agricultural insurance policy without regard to the actual loss of the subject matter insured.
6. Remote sensing index -based insurance, whereby, upon occurrence of an insured event, the insurer provides indemnity according to changes in remote sensing index under the agricultural insurance policy without regard to the actual loss of the subject matter insured.
7. Other types of agricultural insurance under the agricultural insurance policy.
Best regards!
