Clients of CANEGROWERS Insurance in areas under drought declarations may be eligible for assistance with premiums via a new package announced by IAG today.
Existing IAG primary producer farming customers who have a WFI Rural Plan, CGU CountryPak (and associated CGU Farm Motor), or NRMA Rural Farm product can request a Drought Assistance Package from IAG.
Under the Package, for all eligible customers, IAG will arrange for some or all of the insurance premium for these products to be deferred for up to 12 months. IAG will work with individual customers to tailor an appropriate repayment plan for the deferred premium.
The package will be available to existing IAG farming customers in drought declared regions, who are receiving the Federal Government’s Farm Household Allowance and who are also receiving drought related financial assistance from their financial institution.
The offer is available for eligible farm insurance policies due for renewal between 28 November 2018 until 27 November 2019.
Executive Manager IAG Agri Solutions, Andrew Beer said the drought in NSW and Queensland continued to have a significant impact on many farmers.
“As Australia’s largest agribusiness insurer, we want to ensure our customers can continue to be adequately insured by giving them options for paying their insurance premiums. We believe continued insurance cover is critical in reducing additional risks for their businesses at a time when they are already facing significant difficulties.”
As part of the offer, IAG is partnering with Elantis Premium Funding to assist with establishing and managing the tailored repayment plans for customers once they get back on their feet.
In addition to the Drought Assistance Package, the IAG Foundation has announced a donation of $640,000 to Lifeline to support targeted mental health programs across regional and rural Australia. Through the IAG Foundation, IAG employees have also been active in supporting drought-relief efforts through workplace giving to support the Australian Red Cross drought appeal and the Rural Aid Buy-a-bale initiative, with all employee donations matched by the IAG Foundation.
CANEGROWERS Insurance clients should contact their local office for more information and assistance. Find your local CANEGROWERS Insurance professional here.