Insurance

Crop

WHY PURCHASE MULTIPLE PERIL CROP INSURANCE?

  • Provides protection against production and revenue losses
  • Acts as an excellent credit enhancement for agricultural loans
  • Provides peace of mind

 

MPCI was developed by the Federal Crop Insurance Corporation and provides coverage against unavoidable crop loss for most crops. MPCI has evolved into numerous products which offer farmers protection against a reduction in yield due to unavoidable crop losses caused by acts of nature or disease as well as revenue protection caused by market fluctuations. Farmers have product choices that range from individual production and/or revenue plans to protection based on county yields and prices.

https://www.greatamericancrop.com/crop-insurance

Important Dates for Crops

Mar-15 Sales Closing for Spring Crops

Apr-29 – APH Deadline

May-25 – Final Corn Plant Date for: Ashland, Bayfield, Douglas, Florence, Forest, Iron, Oneida, Price, Sawyer, Vilas

May-31 – Final Plant Date for Corn (for Southern 85% of WI)

Jun-10 – Soybean Final Plant Date (15th for Southern Counties)

Jul-15 – Acreage Reporting Deadline

Sep-30 – Final Wheat Plant Date for: Barron, Brown, Buffalo, Burnett, Bayfield, Chippewa, Clark, Door, Douglas, Dunn, Eau Claire, Kewaunee, Langlade, Marathon, Marinette, Oconto, Outagamie, Pierce, Polk, Portage, Shawano, St. Croix, Taylor, Vilas, Washburn, Waupaca, Wood

Sep-30 – Winter Wheat/Forage Sales Closing

Oct-05 – Final Wheat Plant Date for: Adams, Calumet, Fond Du Lac, Green Lake, Juneau, Manitowoc, Marquette, Sheboyagan, Waushara, Winnebago

Oct-10 – Final Wheat Plant Date for: Columbia, Dane, Dodge, Grant, Green, Iowa, Jefferson, Kenosha, Lafayette, Milwaukee, Ozakee, Racine, Rock, Sauk, Walworth, Washington, Waukesha

Nov-14 – Wheat/Forage Production Reporting Deadline

Nov-15 – Wheat/Forage Acreage Reporting Deadline

Nov-20 – Cranberries Sales Closing

Nov-30 – Sales Closing for GRP Forage Policies


MPCI Plans

APH (Actual Production History Coverage)
Available only on Canning Crops & Forage. Losses are paid if actual yield is less than the guaranteed yield. Bushels are guaranteed at the determined price, set in the spring. The guaranteed price will not change regardless of market movement.

YP (Yield Protection Coverage)
Losses are paid if actual yield is less than the guaranteed yield. Bushels are guaranteed at the Projected Price, set in the spring the same as RP (Revenue Protection). The guaranteed price will not change regardless of market movement.

RP (Revenue Protection Coverage)
Guarantees a dollar amount of coverage based on your production history and February average CBOT prices. Actual production is valued at the average CBOT price to determine loss. If the October Harvest Price average is higher than February, a new guarantee will be calculated.

RP-HPE (Revenue Protection w/ Harvest Price Exclusion Coverage)
Guarantees a dollar amount of coverage based on your production history and February average CBOT prices. Actual production is valued at the average CBOT Projected price to determine loss. If the October Harvest Price average is higher than February, a new guarantee will NOT be calculated because this policy excludes using the Harvest Price.

AYP (Area Yield Protection)
Provides bushel loss protection based on a county trigger yield. NASS averages are used to determine claims.

ARP (Area Revenue Protection)
Is like AYP, in that it uses NASS yields to determine guarantee and claims. ARP provides revenue protection like CRC by using CBOT prices in the spring and fall.

Other Plans

CH (Crop-Hail)
Insures crops against much more than hail damage. In most cases, crops are also covered against loss due to fire while the crop is in the field, and numerous other perils are insured while the crop is in transit to the first place of storage. A Crop-Hail policy will also provide broad coverage on some crops while the crop is in storage. For some crops, other perils such as wind or winterkill can also be added to a Great American Crop-Hail policy. In most cases, a Crop-Hail policy will insure up to 100% of the expected value of a crop.

CAT (Catastrophic Coverage)
Provides coverage for catastrophic bushel loss. This is a low cost, minimal coverage product. CAT does not meet FSA crop insurance requirements when accepting disaster payments if you did not carry coverage the year of the disaster.

Other Types of Insurance