Insurance in crop farming
Insurance is performed in accordance with the Law of the Republic of Kazakhstan «Compulsory insurance in crop farming» of March 10, 2004 №553-11.
The objects of compulsory insurance in crop farming are the Insured’s proprietary interests, associated with partial or full compensation of the Insured’s losses in case of event insured, the amount of which shall be established in accordance with the Law of the Republic of Kazakhstan «Compulsory insurance in crop farming».
Event insured – a fact of incurrence of liability of the Insurer towards the Insured as a result of an adverse natural phenomenon.
At complete crop failure – payment of the whole amount insured, at partial crop failure – payment in virtue of an inspection report and a profit assessment report.
The amount of the insurance premium according to this law shall be calculated on the basis of established insurance rates and annual basic standard costs for crop farming products manufacture.