SHEEP AND GOAT INSURANCE

SCOPE OF THE AGREEMENT

The agreement shall be observed by the constituent Companies with regard to the rates, terms and conditions prescribed by this agreement to underwrite the Sheep and Goat Insurance business in India. All indigenous, cross-breed and exotic Sheep and Goats will be covered under this scheme.

Note:

1. Indigenous animal means whose parents are of Indian breed.

2. Exotic animal means whose parents are of foreign breed. This includes animals born in India as well as those born abroad.

3. A cross-bred animal for the insurance purpose means one of whose parentsis of foreign breed.

AGE GROUP

Animals of age group 4 months 7 years will be covered.

VALUATION AND SUM INSURED

(a) The market value of sheep and goats varies from breed to breed, from area to area and from time to time. The examining Veterinarian’s recommendations shall be considered as the proper guide for acceptance of insurance as well as for settlement of claim.

(b) Sum Insured will not exceed 100% of market value.

PREMIUM RATES

Basic- 4% Gross per annum.

Extra Rates

(a) For cross-bred animals 1% gross
(b) For exotic animals 2% gross

Group Discount :

The group discount under this scheme will be available as under :

Upto 100 animals No discount
From 101 to 500 animals 5% of total premium
501 to 1000 animals 7.5% of total premium
1001 to 5000 animals 10% of total premium
5001 to 10000 animals 15% of total premium
Above 10000 animals 20% of total premium
For a Group size of 50 females and 2 males sheep/Goat, Group discount of 2.5% may be
allowed.

Minimum Premium :

Minimum premium will be Rs. 30/- per policy.

SCOPE OF COVER

The policy shall provide indemnity against death of Sheep & Goats due to accident (including Fire, Lightning, Flood, Cyclone, Famine, Strike, Riot and Civil Commotion) or diseases  contracted or occurring during the period of insurance. Standard policy wording for Sheep and Goat insurance shall be issued by all Insurance Companies. Earthquake and landslide cover should also be provided and migration within 80 kms. will be allowed without any extra premium.

EXCLUSIONS

A. Common Exclusions :

As per Cattle Market Agreement.

B. Specific Exclusions :

(a) Transport by air and sea.

(b) Enterotoxaemia, Sheep Pox, Goat Pox, Rinderpest, FMD, H.S., B.Q. and Tetanus. These diseases are covered by the policy if the animal is successfully inoculated (protected) and necessary certificates (Veterinary) are supplied to the Company. The condition will not applicable for Anthrax.

(c) P.T.D.

STANDARD FORMS

Following forms should be utilised with the Agreement :

(i) Proposal form

(ii) Veterinary Certificate for acceptance of risk. (Fitness Certificate)

(iii) Claim Form

(iv) Veterinary Certificate to be submitted during claim. (Death certificate and Post Mortem
Report)

AGENCY COMMISSION

The commission will be 15%.Premium to be adjusted such that Above 200 Claims ratio would appear as 90% for the rate.

(g) Discounts :

(1) Group discount (For non scheme only) No. of Animals Rate of discount:

5-10 2.5%
11-15 5%
16-25 7.5%
26-50 10%
51-100 12.5%
101-500 15%
If the group size is over 500 and/or very large, the companies have been allowed to decide discount not exceeding 20%.

(2) 15% discount for long term policies of 3 & 4 and if 25% for 5 years subject to:

(i) Receipt of full premium in advance

(ii) No refund of premium in the event of claim

(iii) Insurance ceases once upper age limit is reached. 

http://www.orientalinsurance.org.in