Because of the inherent financial risks involved in agricultural production, farmers commonly insure their crops and livestock for potential physical risks such as hail, frost, drought, and disease.
Insurance companies that underwrite these risks calculate the cost to purchase the insurance based on risk assessment tables that are developed by the insurer. Factors considered in determining the insurance rate include the physical risks, as well as the claim history on a specific parcel of land and the current management of the farm, to assess whether best practices are being used, thereby reducing risks.
See how agricultural organizations benefit from the use of geographic analysis and GIS.
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