Latevo Farm Income Protection
- Option 1: Pay Now – pay your full protection fee immediately and receive a 7.5% discount.
- Option 2: Monthly Instalments – pay your protection fee by equal monthly instalments between now and 30 January 2021 and receive a 2.5% discount. Payment must be made by direct debit.
- Option 3: Harvest Payment Terms – pay your full protection fee after harvest. Payment must be received by 30 January 2021. You must confirm in writing that you will pay by 30 January 2021.
No, there is no fee to complete your Latevo Income Assessment.
In previous years a one-off fee was charged for the first year of protection. Subsequent years for returning growers, the Latevo Income Assessment was done at no charge to the grower. In 2020 Latevo Farmers Mutual have made operational changes that have allowed the assessment fee for new clients and returning clients to be completed at no direct cost to the grower. Agri-Analytics will still do this calculation to maintain the independence of the assessment. The procedures and the outcomes from the assessment will remain the same.
You need to complete the assessment to be eligible for Category 2 and 3 which involves analysis from the previous five production years as well as your estimate for the upcoming season.
- Faba Beans
- Field Peas
Latevo Crop Monitor is the online platform that will display your Adjusted Growing Season Rainfall, which will be used in the underwriting process to help determine the category of cover you will be offered.
The EVI or Enhanced Vegetation Index is the the index that measures the vegetative growth in a paddock. The value is measured every day and is recorded in Latevo Crop Monitor.
- Water Stress
- Excessive Rain
- Heat Stress
- Wandering Livestock
- Residual Herbicides
- Grain Hedging Losses
- Accidental Fire
- Chemical Overspray
- Accidental Herbicide Application
- Weed Infestation (out of reasonable control)
- Insect or Pest Manifestation (out of reasonable control)
- Plant Disease (out of reasonable control)
Latevo Farmers Mutual
The Director of the Latevo Farmers Mutual Board will receive a nominal fee. All other board members are voluntary.
Latevo Farmers Mutual is internalising all risks for 2019 and do not have reinsurance. The global reinsurance market is prohibitively expensive and by internalising the risks we can ensure our members are offered risk protection at an affordable price.
The administration costs of running Latevo Farmers Mutual will be less than 30% (dependant on the size of the program).