THI Insurance
Summary of Terms and Conditions
1. Growers can insure at Base scheme levels of cover from
US$1 000 to US$10 000 (10 levels) per hectare, and at a Hail
Plus scheme level of US$1 000 per hectare.
2. Premiums are payable in US$, either funded out of the Grower’s
Foreign Currency Accounts (FCA’s), free funds, tobacco
merchant funds or by individual Stop Order.
3. Premiums are due and payable in full on or before 31 December
2009 unless alternative arrangements have been discussed with
and agreed by THI.
4. Premium payment through the Stop Order system will be deducted
at 50% of net sales value of each sale until the premium has
been paid in full.
5. Any collection charges that are levied by an auction floor
or TIMB are for the Growers account.
6. In the event of premiums for any applications being unpaid
by the due date, such applications will automatically be cancelled
by THI.
7. The premium rate applicable is 5,75% (less any applicable
no claims rebate) for the Base scheme and 2,5% for the Hail
Plus scheme.
8. Compensation in respect of admitted and assessed hail/wind
damage claims will be based on the US$ level(s) of cover selected
by the grower and will be matched to the source of the premium
payment.
9. Assessments for inspected damage will be finalised once
all insured tobacco is confirmed as reaped or all insured
tobacco is confirmed by THI as a 100% write off prior to reaping.
10. It is anticipated that compensation payments will be effected
within 30 days of damage assessment reports being finalised
by THI, accepted by our reinsurers, and payment of premium
in full having been received.
11. The deadline for applications is 30 November 2009.
General Conditions
Please note that the total combined cover per hectare cannot
exceed US$10 000. Hail Plus (catastrophe) cover must be taken
with Base scheme level.
Growers must insure the entire crop and although the deadline
date for applications is 30 November 2009, adjustments to
increase or decrease insured areas can be made up to 31 December
2009
Any cancellations of cover must be notified to our office
in writing before 31 December 2009 – failure to do so
will render the Grower liable for payment of premium.
Fixed excess:
For Growers with NCB of 50% or greater the fixed excess deduction
is 5% of the insured value of the area being claimed. For
Growers with an NCB below 50% the fixed excess is 7,5%.
Floating excess:
For Grower information we remind you that this adjustment
is for Base level claims where an automatic deduction of 25
damage points is made from each and every original damage
figure which is entered on the grid sheet form as 50 damage
points or less.
THI PREMIUM CALCULATION GUIDE 2009/2010
Base Scheme (Cost/ha)
| Premium Rate |
5,75% |
(Less
applicable “No claim rebate”) |
Level
of
cover US$
$1,000 |
0% |
5% |
10% |
15% |
20% |
25% |
30% |
35% |
40% |
45% |
50% |
55% |
60% |
|
$58
|
$55
|
$52
|
$49
|
$46
|
$43
|
$40
|
$37
|
$35
|
$32
|
$29
|
$26
|
$23
|
$2,000
|
$115
|
$109
|
$104
|
$98
|
$92
|
$86
|
$81
|
$75
|
$69
|
$63
|
$58
|
$52
|
$46
|
$3,000
|
$173
|
$164
|
$155
|
$147
|
$138
|
$129
|
$121
|
$112
|
$104
|
$95
|
$86
|
$78
|
$69
|
$4,000
|
$230
|
$219
|
$207
|
$196
|
$184
|
$173
|
$161
|
$150
|
$138
|
$127
|
$115
|
$104
|
$92
|
$5,000
|
$288
|
$273
|
$259
|
$244
|
$230
|
$216
|
$201
|
$187
|
$173
|
$158
|
$144
|
$129
|
$115
|
$6,000
|
$345
|
$328
|
$311
|
$293
|
$276
|
$259
|
$242
|
$224
|
$207
|
$190
|
$173
|
$155
|
$138
|
$7,000
|
$403
|
$382
|
$362
|
$342
|
$322
|
$302
|
$282
|
$262
|
$242
|
$221
|
$201
|
$181
|
$161
|
$8,000
|
$460
|
$437
|
$414
|
$391
|
$368
|
$345
|
$322
|
$299
|
$276
|
$253
|
$230
|
$207
|
$184
|
$9,000
|
$518
|
$492
|
$466
|
$440
|
$414
|
$388
|
$362
|
$336
|
$311
|
$285
|
$259
|
$233
|
$207
|
$10,000
|
$575
|
$546
|
$518
|
$489
|
$460
|
$431
|
$403
|
$374
|
$345
|
$316
|
$288
|
$259
|
$230
|
Hail Plus
Must be taken with Base cover level
| Level |
Premium |
Cost/ha |
$1,000 |
2,5% |
$25 |
|
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