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Federal crop insurance — protect your bottom line

  • Actual Production History (APH) - The APH plan of insurance provides protection against a loss in yield. For most crops, that includes drought, excess moisture, cold and frost, wind, flood, and unavoidable damage from insects and disease. This plan guarantees a yield based on the individual producer’s actual production history. The available price elections are established by the Federal Crop Insurance Corporation (FCIC). An indemnity is due when the value of the production to count is less than the liability.

  • Yield Protection (YP) - YP provides protection against a loss in yield. For most crops, that includes adverse weather, fire, insects, plant disease, wildlife, earthquake, volcanic eruption and failure of the irrigation water supply due to a naturally occurring event. Like the APH plan of insurance, YP guarantees a production yield based on the individual producer’s APH. Unlike the APH plan, a price for YP is established according to the crop’s applicable commodity board of trade/exchange as defined in the Commodity Exchange Price Provisions (CEPP). The projected price is used to determine the yield protection guarantee, premium, any replant payment or prevented planting payment, and to value the production to count. An indemnity is due when the value of the production to count is less than the yield protection guarantee.

  • Revenue Protection (RP) - RP provides protection against a loss of revenue caused by price increase or decrease, low yields or a combination of both (for corn silage and rapeseed, protection is only provided for production losses). This coverage guarantees an amount based on the individual producer’s APH and the greater of the projected price or harvest price. Both the projected price and harvest price are established according to the crop’s applicable commodity board of trade/exchange as defined in the Commodity Exchange Price Provisions (CEPP). While the revenue protection guarantee may increase, the premium will not. The projected price is used to calculate the premium and replant payment or prevented planting payment. An indemnity is due when the calculated revenue (production to count x harvest price) is less than the revenue protection guarantee for the crop acreage.

  • RP with Harvest Price Exclusion (RP HPE) - RP HPE is similar to RP, however RP HPE coverage provides protection against loss of revenue caused by price decrease, low yields or a combination of both. Unlike RP, the revenue protection guarantee for RP HPE is based on the projected price only and does not increase based on a harvest price.

  • NEW: Beginning the 2014 Crop Year - Fall

  • Area Risk Protection Insurance (ARPI) - The Risk Management Agency (RMA) is combining its two county-based crop insurance programs, Group Risk Plan (GRP) and Group Risk Income Protection (GRIP) into one, Area Risk Protection Insurance (ARPI). Going into effect June 30 for winter wheat, ARPI will be available for the 2014 crop year and beyond.
    Producers have three choices: Area Revenue Protection, Area Revenue Protection with Harvest Price Exclusion, and Area Yield Protection. Prior buyers of GRP and GRIP will automatically roll into the similar ARPI plan.

Access the RMA’s news release at: http://www.rma.usda.gov/news/2013/06/arpi.pdf

To learn more about crop insurance programs available through AgMax or to find a crop insurance agent in your area, contact us at 1-800-370-3357 or via e-mail at cropinsurance@agmaxinsurance.com.

Crop, crop hail and livestock insurance coverage is underwritten by Western Agricultural Insurance Company (WAIC), West Des Moines, IA. WAIC is not licensed in all states and not all products are available in all states. WAIC is an equal opportunity provider. These policies are available to all producers regardless of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation and marital family status.

These products are reinsured through the Federal Crop Insurance Corporation (FCIC).

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual's income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) 

 

 

 

 


 

 


 

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