The future harvest of raw cotton and grain crops to be insured

Tashkent, Uzbekistan (UzDaily.com) – The Government of Uzbekistan approved the Regulation on insurance of the future harvest of raw cotton and cereal crops.

In accordance with the Regulations, entrepreneurs turn to the insurance organization to insure losses incurred as a result of obtaining a smaller amount from the planned future crop, with information about the sown area, yield plan.

When granting a soft loan by banks to entrepreneurs engaged in the cultivation of cotton and grain crops, this insurance contract is required.

Within 30 working days after the conclusion of the insurance contract, entrepreneurs must transfer the insurance premium to an insurance organization.

In the case of reducing the likelihood of harvest due to damage or loss of crops as a result of an insured event, the entrepreneur notifies the insurance organization within 10 working days.

After submission of the relevant documents, the insurance organization within 15 days makes a decision on the payment or refusal to pay the insurance indemnity.

When a decision is made to refuse to pay the insurance indemnity, its reasons must be clearly stated.