2023-06-09 01:01:09
BanEcuador has agricultural and livestock insurance available that allows the farmer to recover the direct costs of production invested in crops that were affected by climatic, geological and biological phenomena. Given the rains and floods that are recorded in various areas of the country, remember that those who have a current loan with the entity can make use of this insurance.
The risks covered by the insurance are: drought, flood, excess humidity, landslides, clogging, frost, hailstorms, low temperatures, strong winds, fire, uncontrollable pests, uncontrollable diseases, ash fall.
In loans at 1%, $220 million have already been given and BanEcuador plans to place $250 million in 2023
The insured sum corresponds to the investment made by the insured in its cultivation, that is, the direct production costs incurred in the preparation of the land, whether manual or mechanized, the inputs and the labor required. The costs incurred in harvesting, post-harvest, transportation and marketing are not considered.
Among the requirements are:
- Approaching the BanEcuador offices
- Fill out the form “Agricultural Insurance Loss”
- Original ID and copy
- Invoices for the purchases of the affected input
Regarding the livestock insurance, this allows to protect the investment made by the producer in the conformation of his cattle herd; as well as the replacement of animals avoiding the imbalance of the production and productivity of the cattle, in this way it helps to fulfill credit obligations, in addition to maintaining the economic stability of the producer.
BanEcuador provides user care in brigades installed in two hospitals in Guayaquil
The requirements to make use of this insurance are:
- Fill out the claim notice, which must contain “accurate and truthful” information about the affectation and/or death of the animal.
- Communicate with the insurance operator, within 24 hours after the incident occurred.
- Wait for the inspection of the accident if required by the insurance operators.
In addition, the entity recalls that the notification of the agricultural accident must be made within ten days of the event, while in the case of livestock, the delivery of supporting documents must be made within a maximum period of 5 business days to the insurance operator.
For those who do not have a current credit, there is the SOS emerging credit, intended for people, small and medium-sized companies victims of fortuitous events, due to the impact of which emergency declarations are made, through competent institutions or bank authorities.
- Amount: minimum $500 and maximum $20,000
- Term: up to 10 years
- Rate: 8.9% per year
Conditions and requirements:
- Declaration of emergency by the competent authority
- Letter requesting the settlement of the obligation due to the difficulties it is experiencing, signed by the client, in the case of operations to settle obligations.
- Applies to projects that are developed in areas declared in a state of emergency.
- Apply original operations, or arrangement of obligations.
- It may be applied to the Unsecured Guarantee in operations up to $5,000 in amount and direct risk.
- Personal or Real Guarantee applies for amount and direct risk greater than $5,000.
- The business officer will make a verification visit report made to the business to be financed.
BanEcuador indicates that it has disbursed more than $1.8 million to 252 clients from April to the present date. In the provinces of Chimborazo, Guayas, Loja and Manabí.
The SOS credit is only approved for activities in the productive sector. Therefore, the money cannot be used for consumption or personal needs such as fixing a house or a car.
BanEcuador officials make visits on site Before approving an SOS loan, to assess that the businesses were indeed destroyed or damaged, and thus ensure that the money is used to reactivate production. (YO)
#BanEcuador #options #losses #due #rains #floods #agriculturallivestock #insurance #SOS #emerging #credit #Economy #News