HAIKOU, March 23./TASS/. Hainan insurance companies began to provide insurance for coconut and betel palm trees, as well as rubber plants, according to the Hainan Daily newspaper.
The first such policies on coconut seedlings were issued to plantations in Wanning and Wenchang counties. These documents state the type of seedlings, the costs of growing them, as well as the costs of managing and securing the plantation. The insurance package for each plant cannot exceed 100 yuan (about $ 14).
The insurance covers the death of plants as a result of lightning strikes, showers, floods, hurricanes, hail, frost, drought, ground dips, collapses, earthquakes and even explosions, as well as other factors, including the invasion of insect pests. However, the policyholder will not indemnify if more than 8% of the plants died on the plantation.
Coconut is one of Hainan's most important agricultural products. Currently, the total area of coconut plantations in the region reaches about 35,300 hectares, which is about 98% of China's national indicator. Currently, about 223 million coconuts are grown on Hainan every year.