Azerbaijan's Cabinet of Ministers adopts new rules of agricultural insurance
By Trend
New rules for agricultural insurance have been defined in Azerbaijan, the Cabinet of Ministers told Trend.
Decree #431 of October 30, 2020 ‘On Approval of Agricultural Insurance Rules’ was adopted in order to fulfill the order of the president of Azerbaijan ‘On the Application of the Law of Azerbaijan ‘On Agricultural Insurance’ and the establishment of the Agricultural Insurance Fund’ #809 dated August 19, 2019.
According to the rules, for insurance of agricultural plants and crop products, the subject of agricultural insurance is: wheat, barley, corn, potatoes, sugar beets, orange, lemon, tangerine, tea, rice, tobacco, grapes, hazelnuts and cotton, for insurance of agricultural livestock - dairy cows and buffaloes from one to seven years, aquaculture products - fish, including fertilized eggs, larvae and fry.
In connection with the application of the rules, the risks faced by farmers in this area will be reduced, the damage and losses caused to them will be eliminated, the investment attractiveness of the agricultural sector will be increased, the creation of a stable business environment in agriculture, the development of insurance in the agricultural sector, as well as practical regulation of the mechanism of state support in this area.
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