What is it?
The Latevo Income Assessment is an essential part of your application for Latevo Farmers Mutual Farm Income Protection. This is a requirement for anyone who is looking to upgrade their coverage from Category 1 to Category 2 or 3.
Your Referral Agent or Latevo Farmers Mutual can provide you more information on the Latevo Farmers Mutual Farm Income Protection product.
Your Latevo Income Assessment is based on six years of production data, your financial statements (audited financial accounts), tax returns and cashbooks (general ledger). Agri-Analytics collect your data through their secure online application.
Agri-Analytics are engaged by Latevo Farmers Mutual to complete the income assessments. When we receive advice from Latevo Farmers Mutual that you are ready to proceed with your income assessment we will contact you.
For New Clients you will need to pay our assessment fee before you can commence data collection. The cost of the Latevo Income Assessment is a one-off fee of $5000 plus GST.
When you are ready to get started Agri-Analytics will issue you with a login and password to the application. This is to ensure your privacy and security of your data. Latevo Farmers Mutual will contact Agri-Analytics when you are ready to complete your Latevo Income Assessment (or Season Update for returning clients). The best way to let Latevo Farmers Mutual know you are ready is to complete an Expression of Interest. For New Clients your login will be issued when your assessment fee has been paid.
Agri-Analytics customer support team will help you through the data collection process. We strongly recommend that you complete the relevant worksheet(s) that will have been sent to you with your logins before you start your online application. While nobody loves homework we know that getting six years of production data together (or even one year) takes some time and effort. Our worksheet(s) will guide you to exactly what information you need to get the online application completed.
Once you have submitted your data and financials (your financials can also be submitted by your accountant), we will review it to confirm we have all the information we need and then undertake our analysis. If we have any questions during this time we will contact you via email.
Our analysts will review your production data against your financials to calculate your average revenue per hectare for each cropping year over the assessment period.
When our assessment is completed we will then hand your file over to the team at Latevo Farmers Mutual so they can complete their underwriting process.
Please be aware that when Agri-Analytics hand over your completed income assessment to Latevo Farmers Mutual it will be considered locked in and no further review will be entered into. This includes but is not limited to any information you or your accountant failed to provide at the time you completed your application and any fluctuation in market values for grain you harvested/stored.