Absa bank takes pride in offering an extensive suite of products to protect you against unique financial risks. Below are some of these risk and insurance products offered.
Short term insurance – This product offering allows you to choose an option tailored to meet the specific needs of your business and protects your livelihood against potential dangers such as fire or theft.The greater benefit is that you enjoy piece of mind knowing that you will be adequately compensated for any loss and can recover quickly.
Personal insurance – Personal insurance minimises the financial risks that you, your family and business partner face in case of your death or disability.These include key-person and partnership assurance, own occupation disability insurance, accident and medical insurance, life assurance, shareholders’/members’ assurance if the farm is run as a close corporation or company, loan account assurance, involving investment policies to replace loans made by the owners to the farming business, sureties assurance, assurance plans for your specific capital needs and emergency rescue service.
Input cost insurance facility – This option allows you to finance your seed, fertiliser, diesel and other necessities using the proceeds of your crop as the main source of security. This facility recognises 90% of the current SAFEX value of the silo certificate (but not the transport-related costs), structuring fees and the interest making up the financing cost. Absa owns the certificate, usually at the end of the season, and you are provided with hedging finance to give you exposure in the market until December or March. You can fix the price of your crop at any time before the contract expires.
Agri asset insurance – This category offers a unique asset insurance policy to meet your complex needs. It covers agribusiness activities, vehicles farming equipment and liabilities.