DA-PCIC RELAXES CONDITIONS FOR PAYING ASF-AFFECTED INSURED HOG RAISERS

| DATE POSTED: FEBRUARY 26, 2021 |

Article link: https://www.facebook.com/secretarywilliamdar/posts/469582507741812

In its regular meeting on Wednesday, 24 February 2021, the PCIC Board of Directors approved the DA proposal to pay losses resulting from government-ordered culling or slaughter of insured hogs, and raise the payable amount up to 100 percent of the insurance cover or the total sum insured.

Standard insurance industry policy does not include government-ordered disposal of stocks when epidemics occur among the compensable risks, while indemnity payments are normally pegged at a maximum of 60 percent of TSI.

“Bold policy actions are needed in periods of adversity like the hog industry is in now, and we thank the PCIC for this quick response that sends the message the DA and its family of agencies are here to help our stakeholders, particularly the hog industry, build resilience and sustainability,” Agriculture Secretary William Dar said.