Insurance policy to protect suppliers from avian flu
Inspro Insurance Brokers, in Singapore, has introduced a new insurance policy for local poultry suppliers.
Taking an egg farm for example, the Avian Flu Insurance coverage would include loss of chickens and eggs due to culling by the authorities; drop in business or profits resulting from a ban of products from its supply partners; and compensation for accidents, injuries or diseases to employees.
There are 10 chicken slaughterhouses, four duck slaughter houses and five egg farms in Singapore, and half of them have signed up for this new insurance policy, which promises to protect them against losses in the event of an avian flu epidemic.
“We have already scouted the market, and in as far as the insurance in Singapore are concerned, none of them were prepared to underwrite the avian flu coverage and only NTUC Income was able to come forward and was prepared to take on this risk, which in our opinion is a very catastrophic risk and it’s a very dicey situation,” said Michael Chew, Inspro‘s Managing Director.
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