Insurance Built for Farmers

Redicova offers Banana Farmers a parametric alternative to the traditional loss assessment model. Cover is triggered by a severe tropical cyclone.

We pay you a pre-agreed amount within three business days of receiving your claim, to cover your unanticipated expenses and lifestyle costs, with no delays or assessments.

By paying cash upfront Redicova strengthens your financial resilience and fast tracks your journey towards recovery.

How Redicova can help farmers

Funds from Redicova can be used by Banana Farmers to cover uninsured crops or property, helping to continue operations and avoid bankruptcy after a severe tropical cyclone.

For example, you can buy 100 units of Redicova with a Sum Insured of $100,000. These funds can be used to help pay wages, clean-up costs; or mortgages and allow you to continue operating while you refinance and rebuild.

Redicova is the obvious solution for farmers.

Eligibility Checker

We insure Northern Australia between Carnarvon (WA) postcode 6701 to Bundaberg (QLD) postcode 4670 including the Northern Territory.

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Farming is a tough gig, made harder by the annual threat of cyclones. Redicova is the first product we have been able to buy for decades to help us protect our bottom line. It’s easy, its annual and it’s a tax deductible expense.

Tully banana farmer | customer since December 2021

Recover quickly after a severe tropical cyclone

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Insurance that pays faster

Redicova is a parametric insurance which means it offers pre-specified payouts when a trigger event occurs. So when a severe tropical cyclone passes over your insured address, Redicova triggers a pay-out to you for your insured amount with no waiting and no assessors.

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Use funds as you choose

Redicova is not insurance for specific items like tractors, homes or cars, instead it covers you if your insured address is hit by a severe tropical cyclone, category 3 or more, whether you have incurred damage or not.

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Designed for Northern Australia

Developed specifically for Northern Australia to help you bridge the financial gap between immediate needs and existing support services, so you can recover quickly and prosper after a severe tropical cyclone.

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The sum insured you'll be paid within three business days of submitting your claim.

Cover is triggered when the BoM records a severe tropical cyclone at your insured location.

If a category 3 or higher cyclone is recorded by the BoM, Redicova will automatically pay you a pre-agreed sum insured within three business days of receiving your claim – no questions asked.

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BoM records your insured address has been hit by a category 3+ cyclone.

Redicova notifies you via email, requesting your confirmation to pay your claim.

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Redicova will deposit your sum insured within 3 business days of receiving your claim so you can get on with life.