What is the purpose of the "OCCL" Catastrophe Loss Award?

The purpose of the "OCCL" Catastrophe Loss Award is to provide financial support specifically for agricultural losses that significantly exceed normal thresholds, namely those exceeding 70% of the expected yield for specific crops. This program is designed to assist farmers who experience catastrophic events that result in severe crop damage, ensuring that they receive necessary compensation to help recover from losses that might leave them in a precarious financial position.

The focus is on significant loss events rather than minor damages, which is why this program does not address losses that are minor or not catastrophic in nature. This approach ensures that support is directed toward the most severe challenges faced by farmers, making it a critical tool in risk management for those affected by unforeseen disasters or widespread crop failures.