Weather Insurance

DEFINITION of 'Weather Insurance' A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable temperatures or other adverse, measurable weather conditions.

Weather Insurance Plan Covers:

If there is a deviation of the observed weather index from strike index, it shoots up the operational cost with reference to agricultural/non-agricultural economic activity. The policy covers the same.
If extreme weather conditions harm the production of your crops. This can happen in a specific geographical and particular season, you are covered against such a loss.

Weather Insurance Policy Exclusions:

Damages caused due to nuclear waste, combustion or fuel.
Loss or damage caused due to radioactive, explosive toxic or hazardous properties explosion.
Loss or damages caused due to terrorist activities.
War, foreign invasions, unlawful operations, civil war, anti-social activities, hostilities, rebellion, detention, seizure, confiscation, etc.
Man Made anti-social activities like riots, strike, malicious acts, pollution contamination, and other damaging conditions which are not pertaining to the weather.

Companies providing Weather Insurance are:

In India the leading insurance providers for weather insurance are

HDFC Ergo

ICICI Lombard General Insurance

Documentation Required:

It is mandatory to provide the following documents to buy a weather insurance –

Valid photo identity proof
Land record – pertaining to the standing crop for which the insurance is taken