Agriculture Minister Luis Ramon Rodriguez has announced as of 1 March the implementing of Law 157-09 that creates the Agriculture Insurance in the Dominican Republic, backed by the government to the tune of RD$234 million.
He said that the new system, combined with the Dominican Agriculture Insurance (AGRODOSA), is intended to provide farmers with better profitability and better protection for their investments.
He also said that from the beginning of March, farmers could use all the national insurance companies as well as AGRODOSA in order to provide better protection for producers in rural areas.
Explaining how the system would work, Rodriguez said that a farmer who should pay a premium of RD$5,000 would only have to pay half, and the insurance company would bill the Ministry of Agriculture for the other half.
Rodriguez made the announcement during a visit to tomato farmers and processors in Azua. The industry, which is worth more than RD$700 million, employs several thousand people. He was accompanied by the Vice Ministers of Production and Planning, Luis Yanguela and deputy minister Agnes Cishek, the administrator of the Agriculture Bank, Angel Estevez, and local dignitaries.