Consecutive losses in the last two years has prompted the board to review the Membership Levy to apply for the 2018 crush. The levy has remained unchanged at 13 cents per tome for the past 11 years, which is a significant achievement given the persistent increases in costs, not to mention the impacts from wide variations in crop size during that time. While accumulated reserves have been used in the past to soften the impacts, the board believes an increase to 16 cents per tonne is prudent and fiscally responsible.
The board also conducted the annual review of the Members’ Crop Insurance (Fire Perils) Cover which commences on 1 June. Given the lower sugar price, the indemnity has been set at $30 per tonne of cane with an excess of 100 tonnes. In keeping with the local practice, the premiums for this service will be paid from our reserves (i.e. there is no additional cost to members). Subject to a separate application, our insurers continue to provide ‘top-up’ cover for members wishing to increase the sum insured – please contact this office if you would like to avail of this offer.