Abstract: This article analyzes the construct, important conditions, and legal nature of the agricultural insurance policy based on the current normative legal acts. The role of the aforementioned policy in ensuring the realization of measures on substitution of imported agricultural products with domestic is underlined. The policy examines a subjective composition of insurance legal relations in agriculture, substantiates an objectively necessary integration, a “bow” of the “predominantly horizontal” property relations with the property relations of “predominantly vertical” nature. In author’s opinion, the subject of agricultural insurance policy lies in property relations (interest), which establish due to rendering a “particular type” of specialized services, expressed in “bearing the risk” of loss or destruction of the objects of agricultural insurance with state subsidization. The scientific novelty consists in the fact that the author stipulates the construct of agricultural insurance policy, determines the important conditions of agricultural insurance policy alongside the imperative nature of such policy with state subsidization, as well as justifies its role in ensuring the measures on import substitution. In addition to this, the article provides arguments that reflect the legal nature of agricultural insurance policy as an actual agreement with imperative signs and predominant dispositional norms.