Insurance Products

GRP (Group Risk Protection)
This is a county based yield policy rather than an individual producer based, so no individual producer records are required. County yields are determined by NASS and the price is set by RMA in the spring of the crop year. Indemnity payments are “triggered” when the county yield is less than the insured’s “trigger” yield, based on the level of coverage selected by the producer, 70%-90% of the expected county yield. Since this is a county based yield policy, an individual producer may have a loss in yield on his/her farm and not receive any indemnity payment.

IP (Income Protection)
This is an Enterprise Unit, all acres of the crop in a county are combined into one unit, revenue policy based on the individual producer yield history, APH, and the spring price for each specific crop. This policy provides income protection when prices and/or yields fall. An indemnity can be paid when the harvested production x the harvested price is less than the guaranteed revenue on the policy (APH x coverage level, 50%-75%, x spring price).

RA (Revenue Assurance)
Producer’s are guaranteed revenue with this policy, similar to CRC and IP. Spring prices are determined the same as CRC and IP, but the harvest price for corn is determined by the November close of the December corn contract. The soybean harvest price is the same as CRC. With RA an insured can choose to include the harvest price, RA/HPO, or use the spring price to determine revenue guaranteed. RA/HPO is similar to CRC, and RA is similar to IP. Indemnities are paid when harvested production x harvest price is less than the policy guaranteed revenue.

APH (Actual Production History)
By choosing this policy producers are insured against yield losses due to natural causes, such as drought, flooding, excessive moisture, hail, wind, frost, disease, and insects. The producer’s yield history is determined by the records supplies, with a minimum of 4 years building to a 10 year yield history. The price is established by RMA on an annual basis. The producer can choose coverage levels from 50%-85% of his APH, and price levels from 55%-100% of the RMA established price. If the harvested production is less than the yield insured, then there is a payable indemnity (Yield Insured – Harvested Production x % RMA Established Price).

CRC (Crop Revenue Coverage)
Producer’s have a guaranteed revenue with this policy. Losses can still be natural causes as in the APH policy, but in addition price can also be a cause of loss. The final guaranteed revenue is determined by the higher of the spring price (February close of the December corn contract and the November soybean contract) or the harvest price (October close of the December corn contract and the November soybean contract) on the CBOT times the coverage level (50%-85%) of the yield history (APH). An indemnity can be paid when the harvested production x the harvest price is less than the final guaranteed revenue.

GRIP (Group Risk Income Protection)
This is a revenue based county policy rather than individual producer based, so no individual producer records are required. The price determination is the same as CRC (with the exception of the producer having the option to include the harvest price, GRIP/HRO, or not), but the county yields are determined by NASS (National Agricultural Statistics Service) the following year. Indemnity payments are “triggered” when the county revenue (final county yield x harvest price) is less than the “trigger” revenue on the individual producer’s policy (expected county yield x coverage level, 70%-90%, x spring price, or harvest price if the GRIP/HRO option is chosen). Since this is a county based revenue policy, an individual producer may have a loss in revenue on his/her farm and not receive any indemnity payment.

Prevented Planting & Replant
This endorsement provides coverage (corn and soybeans) for direct loss from prevented planting and replant expense on land listed in the declarations page.

Canning Rejection for Peas, Beans, & Sweet Corn
This endorsement provides coverage when peas, beans, or sweet corn are rejected by the cannery because of damage caused by hail.

Green Snap Plus
This endorsement pays for damage caused by "green snap" due to non-recoverable ears that have been severed from the stalk due to wind, and direct loss to field corn, seed corn, and sweet corn caused by wind.

Green Snap Plus Extra Harvest
This endorsement includes the basic green snap plus coverage and additional coverage for extra harvest expense due to corn blown down by wind.

Hybrid Seed Corn
This endorsement provides coverage for hybrid seed corn and modifies the adjusting procedure.