“Because not all Insurance and Risk solutions are created equal”
Elite Risk and Agvesto are bringing world’s first of its kind parametric and hybrid indemnity/captive insurance solutions to protect Hemp Farmers the right way, here in the US.
Since 2005, Jeff Kleid, the founder of Elite Risk has been designing and implementing sustainable, climate and weather insurance solutions across multiple disciplines and industries.
Working hand in hand with the team at Agvesto, Elite Risk has actively been creating insurance solutions for Hemp Farmers and your investors since August 2018.
What is our Mission?
We are aware that as a farmer, you face enormous challenges. With climate change related perils increasing year by year globally, we are determined to help you in your journey.
The majority of this emerging Hemp industry still remains underserved for financial products such as credit and insurance. We expect the legislation and the regulatory support to the industry to change over the coming months and years. We believe there is enormous potential in the Hemp economy due to its applications to various industries namely Healthcare and Industrial applications.
We are excited to be so welcomed, as a trusted partner for the Hemp farming community. We have worked around the clock since mid 2018 to bring you the best in class, simple to use insurance products.
Do you have multiple insurance solutions available?
We are fortunate to offer a multi-peril crop solution. We designed our MPCI Lite program to embrace the newly released Federal crop insurance program as a guideline, and aligning it with an established Hemp captive insurance solution specifically designed for you, the farmer. Our new MPCI lite program removes several of the restrictions placed by the Federal Crop program, so that local farmers can step into the market with the comfort that they are protected against a covered loss..
For our large scale operation clients, our quality outdoor hemp coverage has been readily available since early 2019. Even with the the lack of (recent) farming history for the crop, we have several partner insurance carriers, reinsurance options and coverages available.
Our Parametric insurance product provides coverage against specific named perils below, for Hemp farmers during the growing season.
To Complete our Online Application Click Here: BespokeCrop
Typically, the parameters or the indices are designed by Agvesto/Elite Risk and our Underwriting partners. These indices can closely explain the crop loss due to an event.
For example, in case of an ‘excess heat’ cover, for a given farm location, the index can be created by tracking the daily temperature observed.
The payout will then be determined by observing this parameter/index during the season.
What type of Cover as a Hemp farmer I can get?
As a Hemp Farmer, you can get coverage for various perils that you are concerned about. Specific perils are below:
- Drought
- Excess heat
- Hail
- Excess Precipitation
- Flood
- Wind Cover
- Frost Cover
- Tornado
- Wildfire (regional)
- Earthquake (regional)
Each of the above is a Bespoke written program designed to meet your specific needs and location.
Our multi-peril cover on the other hand, uses yields for a proxy crop in a nearby farm to the insured. Many other crops, e.g. wheat or corn, have been filing their crop yields for decades and so reported data is relatively available. By way of an example, if the corn yield of a neighbouring farm is affected in any given year, there is a good degree of probability that the insured hemp farm will also be affected.
As such, the crop yield can be used to determine if an insurance payout is due. (There is of course some basis risk for the insured in this scenario because it is possible for different weather experience to be seen even in neighbouring farms).
As it relates to providing coverage to your buyer of Offtake, or the investor is looking for some level of financial guarantee based off the projected yield our team has a solution that might be right for you.
Which states in US we are currently covering?
We can provide coverage throughout the US. – Please contact us with any questions about your location.
For the 2020 season, we have already rolled out our parametric and indemnity based insurance product for both small and large farmers.
Things to keep in mind:
Even though we are now heading into our third year, the industry if truly still in the Wild West early days of the Hemp crop insurance space. Our team has worked hard to find solutions that are real, will truly pay out the claims, and are backed by some of the largest insurance carriers and investors in the world. With that said, at this time, Crop insurance is quite expensive, takes a lot of time to underwrite, and in most cases our Underwriters want to know the buyer is committed before they will offer indicative bindable terms.
This is rare, and we understand that, so from the Bespoke team here at Elite Risk, we welcome the challenge and the opportunity to find you the crop insurance solution that works for you.
Who are we?
Elite Risk (www.eliterisk.com) is an Insurance Agency specialising in bespoke consumer centric products to its clients. Elite has been serving industry with sophisticated products that traditionally has been hard to find protection.
Agvesto (www.agvesto.com) is an easy to use agricultural insurance platform to mobilise access to insurance and capital to farmers worldwide. Agvesto uses Earth observation satellites (Radar and Optical), weather stations, Ground based Internet of Things (IoT) sensor data, historical loss data to provide underwriting insights to our insurance partners.
How can I get in touch?
Whether you are in need for insurance or looking to understand about our program, please email us or call us at the information below:
Jeff Kleid
CEO Elite Risk
818-968-1353
Dr Srini Sundaram
CEO Agvesto