BIC launches livestock insurance

KEABETSWE NEWEL
Correspondent | Friday October 29, 2010 00:00

Thabo Majola, who is a Business Development underwriter at BIC, says BIC is proud to launch the livestock policy to Batswana since they are a farming people.

Matlhogonolo Leoketse, also a Business Development Officer at BIC, says Batswana are farmers who major in livestock, mostly cattle.

'It is unfortunate that Batswana are prone to livestock theft and lose their livestock in many other ways,' she says.

'BIC wants to make life easier for farmers. We want them to be protected against any loss that may arise pertaining their livestock.'Leoketse says the policy covers livestock against theft, risk mortality and transit.

Risk mortality relates to any risk that may lead to a loss of animals while transit refers to any form of danger while animals are being transported from one place to another, including abattoirs.

This policy is designed to protect animals or an entire herd where the farmer is not concerned about disease or sickness cover. There is an excess of two animals per claim and rates are charged according to the cover option selected.

The farmer can select the animals he wishes to insure if he does not want to insure his entire herd. The policy will also assist the farmer to obtain finance to purchase animals.

The cover options are Death from Fire & Lightning, Death from Fire, Lightning & Theft and Death from Fire, Lightning, Accident & Theft.

The insurance will also be available for horticulture, pigs, chickens, horses, fish farming, game and fire for commercial forestry.

'Rates are based on the number of animals insured and the self-insurance option chosen usually 10 percent,' says Leoketse.

'There are two rating schedules - one for cattle, the other for sheep and goats. Rates for cattle are between 0.70 percent and 8.10 percent. Rates for sheep and goats are between 1.50 percent and 8 percent.'