Insurance on cattle
Concept of Insurance on Cattle
The insurance system that has emerged to protect the insured financially from the loss of death of cattle is called cattle insurance. Cattle have been considered a valuable resource since ancient times.
The main source of balanced diet milk is cattle. Meat is the main source of meat in the food list. The leather industry is also dependent on these cattle. Therefore, commercial rearing of cattle is an important livelihood all over the world. That is why cattle insurance has been introduced for the financial compensation of the keeper in case of his death. M.N. Mishra said,
Cattle insurance is a protective measure against accidental, disease, maternity or gestational death of animals especially bulls, buffaloes, cows and calves.
Features of Insurance on Cattle
The salient features of this type of insurance are as follows:
1. As livestock is a valuable resource, property insurance rules apply in this case.
2. The principles of insurable interest, ultimate good faith, replacement, etc. are also applicable in this case.
3. In this case the amount of loss is determined according to the principle of compensation.
4. In case of death of cattle due to any disease or accident mentioned in the insurance policy, the insured gets compensation and
5. Such insurance policies are usually open for a period of one year or less.
In conclusion, livestock insurance is a system of insurance designed to cover the financial loss incurred by the owner or interested person in the event of death of an insured disease or accident. In this case, the level of moral risk is higher. As a result, when insuring, the insurance company tries to ensure the integrity of the insured.
Importance of Insurance on Cattle
Cattle are a valuable resource in all countries. It is the main source of milk, dairy products, meat and skin. In Bangladesh, cattle are used for agriculture and transportation of goods. Therefore, as important as proper maintenance of this valuable asset is, the importance of livestock insurance in dealing with its risks is undeniable. The importance of livestock insurance in Bangladesh is mentioned:
1. Receiving compensation of died cattle: Every year a large number of cattle die due to various diseases and accidents in developing countries. It is not possible for these low-income cattle breeders to recover from such losses. With this type of insurance, its owners can easily get compensation.
2. Receiving compensation for sickness: If a cattle becomes ill, it may cost a considerable amount of money to treat it. Our animal owners resort to hammer treatment due to lack of knowledge and money. However, such insurance policy can also include the risk of cattle disease. As a result, better treatment is possible.
3. Receiving compensation for accident: Cattle mutilation can occur due to various natural and unnatural accidents. Broken bones can be useless. By including the risk of accident in the insurance policy, the owner of the cattle is entitled to compensation for this.
4. Expansion of cattle industry: Developing countries have to import a lot of powdered milk every year. If the income of its owners can be secured and ensured through livestock insurance, it will undoubtedly inspire others. This will lead to massive expansion of livestock industry and saving of foreign exchange.
5. Creation of employment: If the risks related to cattle can be tackled financially and some precedents are set in this regard, it will easily motivate the general educated unemployed youth of this country and others to raise cattle. This could lead to massive employment opportunities in rural areas.
6. Expansion of loan facilities: Insurance companies can consider the livestock sector as an important sector in their lending. This will encourage the import and rearing of improved breeds of cattle in the country. As the income of insurance companies increases, so will the country be rich in animal resources.
7. Flourishing related industries: Such insurance will not only lead to the development of the livestock industry in the country. It will also enable the development of dairy and milk related industries, leather industry, livestock preparation industry and various organizations providing livestock services.
In conclusion, the importance of cattle insurance is undeniable in the development of such industries and related industries as well as in the development of rural areas and in solving the problem of unemployment.
Payment of Claim of Cattle Insurance
In case of death of cattle, the insured has to submit the following documents to claim within 15 days:
1. The provided claim form has to be filled and submitted.
2. Cattle death certificate is required.
3. Identification certificate is required.
4. Evidence of age proof of dead cattle has to be submitted.
5. Doctor's certificate is required.
6. You have to submit the insurance policy with full details.
7. Certificate of market value of cattle has to be submitted at the time of death.
8. The policyholder has to provide a receipt for payment of insurance premium. The insurer examines the day-to-day affairs.
