Crop insurance based on a weather index is a feasible product for Ukraine. Such insurance could facilitate a wide array of innovative product developments within the emerging markets of Ukraine. This would allow Government of Ukraine to move away from subsidized traditional crop insurance programs that have proven to be very difficult and costly to administer in industrialized countries, in large part they tend to reward excessive risk taking by farmers. However, in order to make weather index insurance available on a larger scale, quality data and more automated weather stations need to be made available. This summary first reviews risk in agriculture and the insurance sector, and then it discusses agricultural insurance approaches and recommendations. This document is one of the few public papers clearly describing the process of designing weather-based index insurance products for agricultural applications.