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Agency

Banana Insurance Fund

The Banana Industry Insurance Fund (BIIF) was set up in 1946 to offer financial support to farmers who grew bananas for export, that in the event of a hurricane they could revive their farm. Banana is a vulnerable crop that suffers annually from severe wind damages, small farmers are particularly affected. The benefits from the BIIF allow the farmer to quickly resuscitate the farm for early production. The Banana Industry Insurance Fund still continues to provide insurance coverage for export banana farmers against windstorm damages. Under the Banana Insurance Act, “every banana grower shall be statutorily insured in respect of the assessed number of statutory units of his banana cultivation.