CASTRIES, St. Lucia, CMC -The St. Lucia authorities says it has reached an settlement with GK Insurance coverage Restricted to arrange a landmark insurance coverage scheme for registered banana and plantain farmers right here.
Agriculture Minister Alfred Prospere stated the federal government will contribute a one-time cost of 1 million {dollars} (One EC greenback equals US$0.37 cents) to fund the insurance coverage plan, which supplies eligible farmers with protection for wind harm attributable to tropical storms and hurricanes.
The federal government acknowledged that registered farmers searching for to speculate on this coverage could be required to make a contribution based mostly on predefined standards set by the insurer.
The authorities say greater than 1,000 registered farmers stand to profit.
“Pure disasters and local weather hazards can wipe out the exhausting work of our banana farmers straight away. Beneath the Pierre-led Administration, our farmers could have entry to a dependable insurance coverage coverage that may help their rebuilding efforts each step of the best way,” the federal government assertion famous.
It stated establishing this insurance coverage scheme additional demonstrates the federal government’s dedication to defending the livelihoods of native farmers whereas boosting local weather resilience and enhancing meals safety in St. Lucia.
The federal government stated that the official signing ceremony for the insurance coverage scheme will happen on Friday.
