The Managing Farm Risk Program is open for applications
The Managing Farm Risk Program provides rebates for advice and assessments to help farmers prepare and apply for a new insurance policy that assists with the management of drought and other production and market risks.
These one-off rebates will be for half of the costs incurred by eligible farm businesses, up to a maximum of $2 500 (GST exclusive). The rebates are not for insurance policy premiums.
Insurance can significantly reduce the financial risks farmers face from production loss caused by factors beyond their control. The Australian Government understands that insurance for risks—like adverse weather, drought and fluctuating markets—can protect profits and give farmers peace of mind. But identifying and choosing suitable insurance can be challenging.
That’s why the Australian Government is providing $20.2 million over four years help farmers with their decision making.
The Managing Farm Risk Program is part of the Australian Government's
Agricultural Competitiveness White Paper, the government’s plan to grow our agriculture sector for stronger farmers and a stronger economy.
To be eligible, farm businesses must meet the requirements of the program guidelines. You should consider whether you meet the eligibility criteria before you incur costs.
Applicants should seek advice before deciding on any financial product, including insurance.
Eligible farm businesses can apply for a rebate of the costs of engaging suitably qualified service providers to carry out one or more of these activities:
- undertaking an assessment required by an insurance provider
- compiling historical farm financial performance and production data
- analysing insurance options based on a long-term, whole-of-farm risk assessment.
Before applying for a rebate, you must have a written offer or refusal from an insurance provider for a new or additional policy covering a peril or climatic event that the farm business has not insured against within the last five years. This is limited to:
- multi-peril insurance products
- parametric products, such as those based on rainfall or other climate factors
- other single-peril products, such as fire, hail and frost insurance.
One rebate application per eligible farm business can be made for costs incurred from 1 July 2015. Applications must be submitted within 12 months of the first claimed costs being incurred.
The Managing Farm Risk Program
guidelines set out the full eligibility criteria.
Applicants are responsible for ensuring that they select suitably qualified service providers to undertake eligible activities. The types of service providers who could assist with insurance advice and assessments include, but are not limited to, insurance brokers, farm advisors and accountants. Suitably qualified service providers are those that:
- are independent from the farm business applicant
- hold a relevant licence or qualification and sufficient industry experience relating to the type of advice or service they are providing
- have an Australian Business Number (ABN)
- hold current professional indemnity insurance.
For audit, compliance, monitoring and evaluation purposes, the department may request additional evidence from applicants to substantiate their eligibility. This may include a copy of the final written advice obtained from service providers for which the rebate was made.
How to apply
Download a copy of the application form and complete it.
Submit your completed application form by either:
- emailing an electronic copy to the department, along with scanned copies of the required supporting documents
- posting your printed application form, along with photocopies of the required supporting documents, to:
Managing Farm Risk Program
Department of Agriculture and Water Resources
GPO Box 858
CANBERRA CITY ACT 2601
For more information you can email the
Managing Farm Risk Program team or phone 1800 837 857 (toll free).