Department of Agriculture and Water Resources The Managing Farm Risk Program Rebates.
Department of Agriculture and Water Resources The Managing Farm Risk Program provides rebates to farmers for insurance advice and assessments to help them prepare and apply for a new insurance policy that assists with the management of drought and other production and market risks. Precision Agriculture’s qualification Farm Performance advisors have the industry experience to collate and prepare historic farm production data to meet the application requirements, as well as holding the required professional indemnity insurance.
Eligible farm businesses can apply for a rebate of the costs of engaging suitably qualified service providers to carry out one or more of these activities:
- undertaking an assessment required by an insurance provider prior to, or within 12 months of, the provider offering an insurance product
- compiling historical farm financial performance and production data
- preparing an analysis of insurance options in the context of a whole-of-farm risk assessment specific to the farm business applicant over successive seasons.
The rebates are not for insurance policy premiums, general accountancy, taxation or agronomy services, or general financial or business planning advice.
One rebate application per eligible farm business can be made for costs incurred from 1 July 2015.
Types of insurance
To claim a rebate, farm businesses must secure, or attempt to secure, a new or additional insurance policy covering a peril or climatic event that the farm business has not insured against within the last five years. The types of insurance under this program are limited to:
- multi-peril insurance products
- parametric products based on rainfall or other climate factors
- other single-peril products, such as fire, hail and frost insurance.
The purchase of regular farm business insurance, such as property and contents, vehicle cover or liability insurance, will not be accepted as part of applications for a rebate under this program.
To find out more, please visit: https://www.agriculture.gov.au/ag-farm-food/drought/assistance/mfrp