KATHMANDU. Leading general insurer, Shikhar Insurance Company (SIC) has introduced a new insurance policy targeting silage, a technology for safe storage of grass used as animal fodder. The newly launched insurance product includes risk coverage for the production of grass for silage and storage of silage.
Silage insurance provides protection based on the cost value of the crop used to make grass silage. Similarly, farmers can insure the storage of grass-silage in silo bags, silo pits, or drums, the company said.
According to Udipt Prasad Kafle, Chief General Manager, of the Research and Development Department of SIC, the company has launched silage crop insurance with the aim of encouraging the commercial production of grass-silage.
According to Pushkar Mahat, Senior General Manager, silage-grass producers are unable to export silage despite enough potential and policy favor provided for export. The domestic market still lacks grass for silage making.
SIC has stated that the new insurance product will encourage farmers to invest in grass farming for silage making and ultimately promote grass-silage export.
What is grass-silage
Grass-silage is a bundle of grass used for animal feed. It’s used to keep grass fresh for a long time without the loss of its nutrients and original properties. Later during the off-season, the grass-silage can be used for cattle fodder.