Multi-Year Protection

Latevo Farm Income Protection now offers three and five year terms of protection

Latevo has been working with key growers across Australia since 2014 and the feedback we have consistently received is that growers want the security of multi-year protection.

Multi-year protection gives growers the opportunity to match their protection to their long term planning and farm leases.

One, Three or Five Years

Moving to the model provided by Latevo Farmers Mutual we are now able to offer one, three or five year terms of protection. Providing growers with more security and protection for 2019 year plus, for growers who take up multi-year terms of protection, guaranteed renewals locked in at the price and coverage of your Category 1 protection for 2019.

Category 2 and 3 protection pricing will remain flexible over the three year term of agreement and all upgrade offers will remain seasonally dependent.

Term of Protection

Category 1 pricing

Type of Entry

Surcharge Pricing

One
Year

Locked in for 2019 cropping year

District Average or Latevo Income Assessment

15%

Three
Year

Locked in for 2019, 2020 and 2021 cropping years

Latevo Income Assessment

0%

Five
Year

Locked in for 2019, 2020, 2021, 2022 and 2023 cropping years

Latevo Income Assessment

0% plus the added benefit of carried forward shortfalls

Latevo Income Assessment

To be eligible to take up the option of a three or five year term of protection you must complete your Latevo Income Assessment and complete a Season Update for each year of the three year term.

Growers who choose to base their Latevo Farm Income Protection schedule on their District Average are not eligible to take up multi-year protection.

Pricing benefit

Growers committing to a three or five year protection schedule will be offered a standard price for Category 1 over their three or five year term. One year terms incur a 15% surcharge.


What is the basis of your Latevo Farm Income Protection schedule?

Latevo Farm Income Protection can be underwritten on the basis of your District Average (Shire Average) or your Latevo Income Assessment.  Regardless of your preferred underwriting option all growers who participate in the program will be supplied Latevo Crop Monitor.

1.  District Average only
Growers who choose to take out protection based only on their District Average will not be offered upgrades to Category 2 or 3, will only be eligible for a one year term of protection, and will incur a 15% surcharge on their protection schedule.  On average, growers who have completed their Latevo Income Assessment will be offered a higher level of protection.  For example, District Average only growers will be offered approximately 40% coverage whereas growers who have completed their Latevo Income Assessment will be offered approximately 45% coverage for Category 1.

2.  District Average initially followed by Latevo Income Assessment
Growers who choose to take out protection based on their District Average but intend to complete their Latevo Income Assessment will be eligible to be offered upgrades to Category 2 or 3 (where available) and will be eligible for a one, three or five year term of protection.  Please note that a one year term of protection will incur a 15% surcharge. Eligibility for offers of an upgrade to Category 2 or 3 and/or a three or five year term of protection are dependent upon completion of your Latevo Income Assessment.

3.  Latevo Income Assessment only
Growers who choose to take out protection based on their their Latevo Income Assessment only, will be eligible to be offered upgrades to Category 2 or 3 (where available) and will be eligible for a one, three or five year term of protection.