'Agricultural High-Altitude Work Vehicles and Lifts' Now Eligible for Farm Machinery Insurance... 50% Government Subsidy on Premiums

Compensation for Losses Due to Flood Damage from Heavy Rainfall

The Ministry of Agriculture, Food and Rural Affairs announced on the 26th that it will expand the range of insured agricultural machinery by adding agricultural high-altitude work vehicles and agricultural lifts to the agricultural machinery comprehensive insurance coverage.

Agricultural machinery insurance compensates for personal injury liability, property damage liability, personal accident, and agricultural machinery damage caused by accidents occurring during the operation of agricultural machinery and farming work. Currently, the insurance covers 12 types of machinery, including cultivators, tractors, power tillers, and transplanters.

Agricultural high-altitude work vehicle (left) and agricultural lift.

The agricultural machinery insurance provides a 50% subsidy on the insurance premium from the national treasury upon enrollment. Due to continuous product improvements, the number of insured units has steadily increased from 102,000 in 2019 to 153,000 in 2023.

Agricultural high-altitude work vehicles, which can ascend and descend for tasks such as fruit thinning and pruning, and agricultural lifts, which are used to transport agricultural products or materials and perform loading and unloading tasks, are included within the scope of agricultural machinery under the Agricultural Mechanization Promotion Act. However, unlike the 'agricultural power carriers' with similar functions that can be insured, these vehicles were previously excluded from the agricultural machinery insurance coverage.

An official from the Ministry of Agriculture, Food and Rural Affairs explained, "Following Minister Song Miryeong's visit to flood damage sites in July and the on-site recommendation that high-altitude work vehicles and lifts damaged by flooding should be covered by insurance, we have expanded the range of agricultural machinery eligible for insurance to alleviate the difficulties faced by farmers."

Agricultural machinery insurance also covers damage caused by flooding in addition to machinery accidents. Therefore, farmers insured under this policy can receive compensation for property losses caused by unexpected heavy rains and flooding due to intensifying climate change.

Farmers who own agricultural high-altitude work vehicles or lifts can apply for agricultural machinery insurance by visiting their local agricultural cooperative.

Minister Song said, "I urge farmers to enroll in agricultural machinery insurance to ensure stability in their lives from damages caused by agricultural machinery accidents," adding, "We will continue efforts to improve the system by reflecting field opinions to enhance the practical benefits for farmers."