Senator Norman Grant, president of the Jamaica Agricultural Society, is assuring coffee farmers that they will be getting a substantial portion of the US$3.2 million (J$211 million) that they were to receive in insurance payout from the collapsed Dyoll Insurance Company.

"The farmers will get a substantial portion of the original sum," Senator Grant told Farmers Weekly Tuesday night. The assurance comes against the background of an out-of-court settlement reached between the liquidators of Dyoll and the trustees of the Coffee Insurance Fund last weekend.

Representatives of both entities were brought to the negotiating table amid concerns from interests representing the more than 6,000 coffee farmers that most of the payout would be consumed in paying legal fees. Both the liquidators of the insurance company and the trustees of the Coffee Insurance Fund have been locked in a prolonged legal battle since 2004 when Hurricane Ivan did significant damage to coffee farms across the island.

Appealed ruling

The Supreme Court last July instructed that the lquidators of Dyoll should pay over the money to the farmers, but that was put on hold after the liquidators appealed the ruling.

The appeal was withdrawn on Tuesday. In the meantime, the details of the settlement have still not been released. Senator Grant said a joint press conference is to be held this week at which time representatives from both parties will reveal the details.