Claim Payable = Cover – Value Harvested.
Cover = Target Guaranteed Yield (tonnes/ha) x Pre-agreed Value price/tonne) x Insured Area (ha)
Value Harvested = Actual Harvested Yield (tonnes/ha) x Insured Area (ha) x Pre-agreed Value (price /tonne)
Claim Payable = Cover – Value Harvested.
Cover = Target Guaranteed Yield (tonnes/ha) x Pre-agreed Value price/tonne) x Insured Area (ha)
Value Harvested = Actual Harvested Yield (tonnes/ha) x Insured Area (ha) x Pre-agreed Value (price /tonne)